The Globe and Mail reports in its Friday, March 13, edition that ATB Cormark Capital Markets analyst Nicholas Boychuk has downgraded Kraken Robotics to "underperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Boychuk jacked his share target up by a loonie to $6.50. Analysts on average target the shares at $9.40. Mr. Boychuk says in a note: "Kraken's acquisition of Covelya deepens customer relationships and meaningfully expands the product offering and TAM. It expands geographic reach into new markets and diversifies the revenue profile, bolsters technical capabilities and is accretive financially. But it was necessary and defensive; Kraken's core business is underperforming expectations and needed material downward revisions in our forecast. Further research into the company's legacy moat also highlights significant tail risk that is in no way factored into the current valuation and may explain the lack of recent wins and underwhelming near-term guide. As one of the earliest champions of Kraken we remain constructive of the business and team long-term but see considerable risk in the stock price rationalizing should investor enthusiasm and momentum wane."