Stingray Group wins price target raise at Desjardins

Following the company’s third quarter results, Desjardins analyst Jerome Dubreuil has raised his price target on Stingray Group (Stingray Group Group Stock Quote, Chart, News, Analysts, Financials TSX:RAY.A).

On February 4, RAY.A reported its Q3, 2025 results. The company posted Adjusted EBITDA of $42.1-million on revenue of $108.2-million, a topline that was up 7.9%, year-over-year.

“We continued to outperform Street expectations in the third quarter of fiscal 2025 with record adjusted EBITDA of $42.1 million on unprecedented revenues of $108.2 million,” CEO Eric Boyko said. “These outstanding financial results were mainly driven by ongoing strength in our FAST channel business, which has benefited from a pilot project with TV manufacturer VIZIO. Robust FAST channel revenue contributions, higher equipment and installation sales related to digital signage, and improved Radio revenues were the primary drivers behind revenue growth year-over-year.”

As reported by The Globe and Mail, Dubreuil February 5 maintained his “Outperformer” rating and raised his price target on Stingray from $10.75 to $11.50.

“RAY continues to exceed the Street’s expectations,” Dubreuil wrote. “While the key question from investors has been the sustainability of growth in BC&M [Broadcasting and Commercial Music], management highlighted during the call the significant (and numerous) tailwinds in FAST channels, retail media and in-car entertainment, which suggests growth in these lines of business is no fluke. Meanwhile, radio performance remains surprisingly strong. We have increased our growth and margin forecast due to continued solid execution in this segment.”