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CURA stock keeps buy rating at Beacon Securities

CURA stock

Following the announcement of a financing, Beacon Securities analyst Russell Stanley remains bullish on Curaleaf (Curaleaf Stock Quote, Chart, News, Analysts, Financials CSE:CURA).

On October 3, CURA announced it had closed a previously announced offering of subordinate voting shares that will net the company $16.2-million.

Stanley said he regards this development as significant progress towards a potential TSX listing.

“Earlier today at its virtual AGM, CURA obtained shareholder approval for all motions, including plans to create a new share class (non-voting exchangeable shares), while enabling holders of current subordinate voting shares to convert to that new share class, “he said. “Earlier this week, CURA completed a C$16.2M marketed offering under its shelf prospectus at C$6/sh. The company noted that the offering is intended to satisfy a condition for a potential TSX listing, with a portion of the proceeds intended for the company’s European operations. The company obtained the requisite noteholder approval during the summer.”

In a research update to clients October 4, Stanley maintained his “Buy” rating and one-year price target of $7.50 on CURA, implying a return of 38 per cent at the time of publication.

The analyst thinks Curaleaf will post Adjusted EBITDA of $298-million on revenue of $1.37-billion in fiscal 2023. He expects those numbers will improve to EBITDA of $416-million on a topline of $1.53-billion the following year.

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About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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