As previously reported last night, Canaccord analyst Aravinda Galappatthige upgraded WildBrain to Speculative Buy from Hold with an unchanged price target of C$2.20 after the company’s new CEO laid out a strategic direction to focus on fewer key brands and plans to de-lever through non-core asset sales. The firm believes that the level of success of the asset sale process could be “catalytic for the stock,” as not only would it de-risk the balance sheet, but it could “crystallize the underlying value” of WildBrain’s library.
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