BUZZ-Input Capital Co: Brokerages downgrade to "sector perform"

Fri Nov 13, 2015 11:41am EST
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** Canadian canola streaming company's shares down 42 pct at C$1.67, slightly above the 25-month low hit earlier

** At least two brokerages cut ratings after company terminates 3 Canola contracts worth about C$18.4 mln

** Co says it now expects canola streaming of 65,000 tonnes in 2016, down from 80,000 tonnes earlier

** Contract terminations will weigh on investor confidence until the matter is settled, Alta Corp analysts write in a note

** Input Capital provides upfront funds to canola farmers under a streaming contract in exchange for a fixed amount of canola

** Alta Corp and National Bank Financial downgrade to "sector perform" from "outperform"

** National Bank Financial also cuts PT to C$2.75 from C$4

** 6 of 8 brokerages covering the stock have "buy" or higher rating, 1 "sell" and 1 "hold"

** Up to Thursday's close, stock had risen 30 pct this year