The Globe and Mail reports in its Friday, March 25, edition that Canaccord Genuity analyst Doug Taylor has reaffirmed his "speculative buy" recommendation for Mogo. The Globe's David Leeder writes in the Eye On Equities column that Mr. Taylor cut his share target for Mogo to $7 from $10.
Mr. Taylor says in a note: "Mogo reported Q4/21 results that were ahead of expectations, with the company maintaining its 2022 growth outlook and with improving operating leverage in H2/22. The company also announced board approval of a share repurchase program worth up to $10-million (U.S.). Looking ahead, our attention turns to higher spending in support of growth over the coming year with its MogoTrade product and Carta business. We look to further revenue scaling within Mogo's membership base (1.9 million strong) and narrowing EBITDA losses, while the various ownership stakes in the volatile, broader crypto/Web3 ecosystem remain a sizable portion of our valuation." The Globe reported on Sept. 27, 2021, that H.C. Wainwright rated Mogo "buy." It was then worth $6.21. The Globe reported on Aug. 13, 2021, and Jan. 12, 2022, that Mr. Taylor continued to rate Mogo "speculative buy." The shares were then worth $8.03 and $3.67.
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