Motorsport Games price target lowered to $25 from $30 at Canaccord 07:30 MSGM Canaccord analyst MichaelMichael Graham lowered the firm's price target on Motorsport Games to $25 from $30 and keeps a Buy rating on the shares. The analyst noted after the much-anticipated launch of flagship game NASCAR '21: Ignition at the end of October met with mixed reviews due to bugs in the game, management bolstered investor confidence by relaying what looks like a successful program of patches for the game and by reiterating 2021 revenue guidance, implying that game sales are likely to be in line with his prior expectations.
MSGM-$10.68
Builders FirstSource upgraded to Buy from Sell at Zelman 07:25 BLDR
Canopy Growth sees revenue acceleration in 2H22 07:22 CGC The company continues to expect revenue acceleration in the second half of FY2022 but the magnitude and pace of improvement is expected to be more modest than previously anticipated. The company is focused on stabilizing its market share of the Canadian recreational cannabis in the second half of FY2022. Distribution expansion of BioSteel is expected to accelerate in the second half of FY2022 but shipments may depend on timing of chain authorizations and associated shelf resets. The company is taking steps to improve its Canadian recreational business, with increased supply of in-demand high THC flower products and new product launches across flower, pre-roll joints, vapes, edibles and beverages expected to improve market share. Additionally, the Company recently implemented a portfolio optimization strategy that is designed to improve distribution of high-velocity and high-margin products while reducing supply chain complexity and improving service levels on priority SKUs. The portfolio optimization work, along with increased sales, is expected to lead to improved gross margin in the Canadian operations. The company remains optimistic about its growth opportunities in the U.S. for both its BioSteel ready-to-drink beverages and its portfolio of CBD brands. Brand awareness continues to rise, velocity is tracking in-line with expectations and feedback from distributors and retailers has been positive. BioSteel is expected to see its distribution ramp up over the balance of FY2022 and into FY2023 driven by increased listings with national and regional chain accounts. Implementation of the previously announced cost savings program is well underway, with the company having realized $70 million, including $32 million in Q2 FY2022, of the $150 million to $200 million in cost savings expected by the end of the first half of FY2023. The company is taking steps to reduce/delay discretionary spending and further tighten G&A expenses, an effort that is also expected to contribute to the Company achieving positive adjusted EBITDA.
