Canaccord Genuity Issues a Hold Rating on Callidus Cap

By Carrie Williams

In a new note to investors today, an analyst has provided a rating update for the Financial sector company, Callidus Cap (TSX: CBL). Analyst Scott Chan CFA from Canaccord Genuity rated Callidus Cap (TSX: CBL) a Hold, setting a C$11.50 price target.

According to TipRanks.com, CFA is a 3-star analyst with an average return of 3.8% and a 60.4% success rate. CFA covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Goldman Sachs Group Inc, and Bank Of Nova Scotia.

Callidus Cap has an analyst consensus of Hold, with a price target consensus of C$11.50.

Based on Callidus Cap’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of C$39.49 million and GAAP net loss of C$25.8 million. In comparison, last year the company earned revenue of C$44.17 million and had a net profit of C$5.16 million.

Callidus Capital Corp. provides financing solutions for companies that are unable to obtain adequate financing from conventional lending institutions. It offers financing for the companies, which are in financial distress, in an industry out of favor with traditional lenders and experiencing high growth or strategic changes.

The company’s shares closed on Monday at C$10.89, close to its 52-week low of C$9.30.