Roots Corporation (ROOT) Receives a Hold from CIBC

By Carrie Williams

Wall Street analyst has provided a rating update today, while remaining neutral on the stock. CIBC’s analyst Matt Bank reiterates their Hold rating on the shares of Roots Corporation (ROOTResearch Report), with a C$3.50 price target.

According to TipRanks.com, Bank is ranked #5079 out of 5553 analysts.

Roots Corporation has an analyst consensus of Moderate Buy, with a price target consensus of C$4.38, which is a 79.5% upside from current levels. In a report issued on September 10, RBC Capital also maintained a Hold rating on the stock with a C$4 price target.

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Based on Roots Corporation’s latest earnings release for the quarter ending July 31, the company reported a quarterly GAAP net loss of C$9.65 million. In comparison, last year the company had a GAAP net loss of C$4.08 million.

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 last Thursday at C$2.39, close to its 52-week low of C$2.28.