November 12, 2018 / 4:49 AM / a year ago

BUZZ-Recipe Unlimited: Canaccord Genuity downgrades to "hold"

** Canaccord Genuity cuts rating on Canada-based restaurant operator and franchisor Recipe Unlimited Corp to “hold” from “buy”

** Co reported softer-than-expected Q3 2018 results on Thursday and higher overhead costs related to the acquisition of The Keg

** Canaccord says increased overhead from The Keg expected to weaken near-term results

** However, it says “While we are confident in Recipe’s ability to generate synergies from The Keg acquisition..., the lower-than-expected near-term EBITDA growth leads us to move to the sidelines”

** Canaccord Genuity cuts price target to C$31 from C$34; Median price target of C$32

** Stock is up ~3.5 pct YTD

0 : 0
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