Nov 2 (Reuters) - Shares of Canada’s Absolute Software Corp (ABT.TO) rose 10 percent on Tuesday, a day after the security software provider posted a narrower quarterly loss, prompting at least one brokerage to raise its rating on the stock.
“We would characterize the first-quarter results as being a positive data point particularly in terms of the year-over-year improvement in bookings, along with the prudent cost management,” Paradigm Capital analyst Gabriel Leung said.
Leung raised his rating on the company’s stock to “buy” from “hold,” while maintaining the C$5 price target.
The company said July-September net loss was C$1.3 million, or 3 Canadian cents a share, compared with net loss of C$2.0 million, or 4 Canadian cents a share a year ago, as it was helped by higher sales contracts. [ID:nSGE69S0K4]
The Vancouver-based company’s shares, which have lost 17 percent in value since August when it posted a wider-than-expected loss, were up 10 percent at C$4.35 in morning trade on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Vyas Mohan)