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Benzinga
Benzinga
Business
Akanksha Bakshi

Why Boat Rocker Media Shares Are Trading Higher Today

RBC Capital TSX
  • Boat Rocker Media Inc (TSX:BRMI) price target has been lowered to C$9 from C$10 by RBC Capital analyst Drew McReynolds while maintaining the Outperform rating in the shares.
  • 1Q22 results were below the analyst firm's forecast attributed entirely to timing given the inherent quarterly volatility of the business.
  • McReynolds mentions that the 2022 guidance was reiterated as expected.
  • The analyst trimmed their target multiple to reflect a higher interest rate environment and a rising equity risk premium.
  • Price Action: BRMI shares are trading higher by 12.46% at C$3.25 on TSX on the last check Friday.
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