In a recently released analyst research report, Canaccord Genuity Equity Research Analyst Matt Bottomley downgraded his rating on shares of Sunniva Inc. (CSE:SNN) (OTC:SNNVF) to a hold with a price target that suggests limited upside on the horizon.
This analyst update comes just a few days after Sunniva Inc. announced its financial results and management’s analysis for its fiscal Q1 that ended March 31, 2019. Not only did Sunniva face steep losses in the quarter, but the company also recently decided to cease operations at its Canadian campus.
Dropped from $6.00 CAD per share, Matt Bottomley’s new Sunniva Inc. price target of $4.50 CAD per share implies a potential upside of approximately 13.64% based on the last traded price of $3.96 CAD per share on the CSE.
As for the Okanagan mill site that was once home to Sunniva’s Canadian operations, Ron Obirek, Area D director for the Regional District of Okanagan-Similkameen is not worried about the company’s departure. “We’re not just highly desirable as a region. We have a lot of attractive qualities in Okanagan Falls.”
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