06:47:35 EST Mon 06 Dec 2021
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Auxly Cannabis Group Inc
Symbol XLY
Shares Issued 836,607,134
Close 2021-08-10 C$ 0.23
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Globe says Auxly Cannabis boosted to "outperform"

2021-08-11 08:45 ET - In the News

The Globe and Mail reports in its Wednesday, Aug. 11, edition that Raymond James analyst Rahul Sarugaser is boosting Auxly Cannabis Group to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sarugaser kept his share target at 40 cents. Analysts on average target the shares at 52 cents. Mr. Sarugaser believes Auxly is "finally coming into its own." He cites its improved cash position, "ramping" Canadian adult-use cannabis market share and a recent dip in its share price. Accordingly, Mr. Sarugaser upgraded his rating for the Toronto-based company to "outperform" from "market perform" ahead of the release of Auxly's second quarter results next week. Mr. Sarugaser says in a note: "We have further updated our model to account for Auxly's improved cash position of $41.3-million (estimated) from the divestiture of KGK for $16.5-million, plus its recent $178-million equity raise, and $8-million private placement, as well as amendments to IMB's $1238-million convertible debenture (extending the maturity date by 24 months to Sept. 25, 2024). We are also estimating SG&A settling in the $108-million per quarter range for the foreseeable future."

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