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Canaccord Genuity stays at 'speculative buy' on Aurrigo International
(Sharecast News) - Analysts at Canaccord Genuity reiterated their 135.0p target price on airside solutions developer Aurrigo International on Wednesday following the group's "positive" year-end trading update a day earlier. Aurrigo's trading update indicated FY24 revenues of £8.9m, in line with Canaccord Genuity's estimates, cash of £3.0m, also in line, and an underlying loss of £1.9m, ahead of expectations of a £2.7m loss.
Canaccord said the better-than-expected earnings were down to the capitalisation of certain development expenses in Aurrigo's autonomous division, in particular relating to its auto-cargo project with UPS.
The Canadian bank made "no material changes" to its 2025 forecasts but updated 2024 numbers to account for its better-than-expected earnings performance.
Before then, we expect there to be further positive progress, notably both on the ADT implementation with Singapore Changi and on the auto-cargo project," said Canaccord, which reiterated its 'speculative buy' rating on the stock. "The company also highlighted that following the completion of the £5.25mn funding round in January it remains well capitalised to support the next phase of growth."
Reporting by Iain Gilbert at Sharecast.com
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