EYE ON EQUITIES

While BlackBerry Ltd.’ s management reiterated its full-year outlook with Tuesday’s release of its second-quarter 2023 financial results, RBC Dominion Securities analyst Paul Treiber thinks “better visibility to growth is needed to improve sentiment” after “soft” software metrics drew concern. “BlackBerry remains a ‘show me’ story,” he said. Target: Mr. Treiber lowered his target for BlackBerry shares to US$6 from US$6.50 with a “sector perform” rating. Consensus is US$5.67.

Canaccord Genuity analyst Matthew Lee said Cargojet Inc.’ s inaugural Investor Day event bolstered his “confidence in the company’s trajectory over both the near and longer term.” “For fiscal 2022, management remains confident in its secondhalf revenue forecast, fueled by holiday shopping from Thanksgiving to Boxing Day,” he said. Target: Keeping a “buy” rating, Mr. Lee cut his target to $195 from $210 “given the macroeconomic backdrop”. Consensus is $205.64.

Heading into third-quarter earnings season, Citi analyst Itay Michaeli expects North American auto parts suppliers, including Magna International Inc., to be able to “largely hold” their fullyear outlook ranges. However, he expects them to adopt a “cautious stance” on 2023. For Magna, he lowered his 2022 forecast on production level “tweaks” as well as the impact of foreign exchange.

Target: Keeping a “buy” recommendation, he cut his target to US$62 from US$77. Consensus is $78.63.

Continuing to “accretively expand in to the heart of the Clearwater to significantly bolster its long-term value proposition,” National Bank Financial analyst Dan Payne thinks Tamarack Valley Energy Ltd. is “defying the odds and coming out on top.” Following its $1.4-billion deal for Deltastream Energy Corp., he said it is gaining a “significant & scalable inventory of opportunities.”

Target: Mr. Payne has an “outperform” recommendation with a $9 target, up from $8. Consensus is $7.60.

Canaccord Genuity analyst Robert Young called Sangoma Technologies Corp.’ s fourth-quarter financial results a “bump in the road” that “obscures” an enticing investment proposition. “We believe Sangoma has a strong blend of stable financials and 12per-cent adj. FCF yield at a highly attractive valuation,” he said. Target: Mr. Young cut his target to $13 from $21 with a “buy” rating. Consensus is $20.87.