Evertz Technologies Receives a Buy from Canaccord Genuity

By Austin Angelo

Evertz Technologies (TSX: ET), the Consumer Goods sector company, has received a rating update from a Wall Street analyst today. The company received a Buy rating from Canaccord Genuity’s analyst Robert Young, with a C$20.25 price target.

Young has an average return of 8.1% when recommending Evertz Technologies.

According to TipRanks.com, Young is ranked #274 out of 4642 analysts.

Evertz Technologies has an analyst consensus of Moderate Buy, with a price target consensus of C$21.13.

Based on Evertz Technologies’ latest earnings report for the quarter ending April 30, the company posted quarterly revenue of C$107 million and quarterly net profit of C$20.55 million. In comparison, last year the company earned revenue of C$87.03 million and had a net profit of C$18.39 million.

Evertz Technologies Ltd. engages in the design, manufacture and distribution of video and audio infrastructure solutions for the television, telecommunications, and new media industries. The company products include infrastructure, visualization and monitoring, master control and branding, play out and content management, and compression and media transport solutions. It’s products implement advanced digital systems; route, distribute, control, and monitor video and audio signal; deliver television services over telecommunications networks, known as the internet protocol television; migrate from single channel transmission to multi channel media play out; improve facility workflow; deliver content to the multi screen consumer; and transition from analog to digital infrastructure. Evertz Technologies was founded on May 28, 1981 and is headquartered in Burlington, Canada.

The company’s shares closed on Tuesday at C$18.08.