BUZZ-Avigilon Corp: Profit, revenue miss estimates

Wed May 6, 2015 12:29pm EDT
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** Canadian security camera maker's shares down 23.9 pct at C$15.78, second biggest percentage loser on Toronto Stock Exchange

** About C$276 mln ($230 mln) of market value wiped out at day's low of C$14.83

** Reports lower-than-expected Q1 revenue, profit

** BMO Capital Markets downgrades to "market perform" from "outperform"; cuts price target to C$22 from C$28

** At least three other brokerages, including Raymond James, cut price targets

** Operating expenses rises nearly 70 pct to C$40 mln; R&D expenses jump 46 pct

** "We do not expect gross margin to increase from here," National Bank Financial analyst Kris Thompson writes

** Up to Tuesday's close, the stock had declined nearly 23 pct over the past 12 months ($1 = 1.2 Canadian dollars)