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Benzinga
Benzinga
Business
Akanksha Bakshi

RBC Capital Cuts Softchoice Price Target By 15%

RBC Capital TSX
  • RBC Capital analyst Paul Treiber lowered the price target for Softchoice Corp (TSX:SFTC) (OTC:SFTFC) to C$23 from C$27 while maintaining the Sector Perform rating on the shares, given reduced peer valuations.
  • The analyst states that Softchoice reported Q1 below consensus/RBC, as certain onetime headwinds weighed on profitability and growth.
  • Positively, Software & Cloud revenue was in line with estimates, and Q1 billings were healthy (+11% Y/Y), which provides visibility to the achievability of FY22 guidance (>11.5% Y/Y), he added.
  • Price Action: SFTC shares traded higher by 6.68% at C$19.65 on TSX on the last check Friday.
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