The Globe and Mail reports in its Tuesday, Jan. 31, edition that ATB Capital Markets analyst Chris Murray has resumed coverage on Exro Technologies following a $15-million convertible debenture issue. The Globe's David Leeder writes in the Eye On Equities column that Mr. Murray has reaffirmed his "speculative buy" recommendation, while giving his share target a 30-cent boost to $3.30. Analysts on average target the shares at $3.33.
Mr. Murray says in a note, "The timing of the financing was consistent with our expectations, with net proceeds to be used to advance several ongoing initiatives, including commercial partnership development and the completion of its Calgary-based production facility, which is expected to start commercial production in H2/23." The Globe reported on Nov. 18 that Raymond James analyst Michael Glen had lowered his recommendation for Exro Technologies to "market perform" from "outperform." It was then worth $1.50.
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