May 19, 2011 / 2:00 PM / 7 years ago

Shares of SMART Technologies fall on weak outlook, results

May 19 (Reuters) - Shares of SMART Technologies Inc touched a lifetime low on Thursday, a day after the Canadian digital whiteboard maker reported fourth-quarter profit below estimates and said it continues to be hurt by weak spending in North America’s education sector.

Potential catalysts for growth such as an expanding corporate sales channel and growth from emerging markets remain in the early development phase and lack the scale to make up for the shortfall in developed markets, said Piper Jaffray analyst Troy Jensen.

Jensen downgraded the stock to “neutral” from “overweight” and said the sales pipeline looked opaque.

The company, which debuted on the Toronto Stock Exchange and Nasdaq last July, said it expects fiscal 2012 revenue to be flat to 5 percent lower, compared with the year ago. [ID:nL4E7GI33L]

SMART, whose interactive whiteboards are used in classrooms and offices around the world, reported fiscal 2011 revenue of $790.1 million.

RBC Capital Markets cut its price target on the stock to $10 from $12.

Shares of SMART Technologies fell 22 percent to C$7.35 on Thursday morning on the Toronto Stock Exchange. They fell 23 percent on Nasdaq. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below