Roots Corporation (ROOT) Receives a Buy from Canaccord Genuity

By Jason Carr

In a new note to investors on December 5, an analyst has provided a rating update for Roots Corporation (ROOTResearch Report). Canaccord Genuity’s analyst Camilo Lyon reiterates their Buy rating on the shares, with a C$6 price target.

According to TipRanks.com, Lyon is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -2.6% and a 41.8% success rate. Lyon covers the Consumer Goods sector, focusing on stocks such as Canada Goose Holdings Inc, Lululemon Athletica Inc, and Columbia Sportswear.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Roots Corporation with a C$7.72 average price target, implying a 123.1% upside from current levels. In a report issued on November 30, National Bank also maintained a Buy rating on the stock with a C$7.50 price target.

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Roots Corporation’s market cap is currently C$145.7M and has a P/E ratio of 8.9. The company has a Price to Book ratio of 0.74.

Roots Corp. engages in the provision of leather goods, apparel, and accessories. It operates through the Direct-to-consumer ( DTC); and Partners and Other segments. The Direct-to-consumer segment comprises of sales through its corporate retail stores, and e-commerce.

The company’s shares closed on Friday at C$3.46, close to its 52-week low of C$3.21.