Canaccord Genuity stays at 'speculative buy' on Aurrigo International
Analysts at Canaccord Genuity reiterated their 135.0p target price on airside solutions developer Aurrigo International on Wednesday following the group's "positive" year-end trading update a day earlier.
Aurrigo's trading update indicated FY24 revenues of £8.9m, in line with Canaccord Genuity's estimates, cash of £3.0m, also in line, and an underlying loss of £1.9m, ahead of expectations of a £2.7m loss.
Canaccord said the better-than-expected earnings were down to the capitalisation of certain development expenses in Aurrigo's autonomous division, in particular relating to its auto-cargo project with UPS.
The Canadian bank made "no material changes" to its 2025 forecasts but updated 2024 numbers to account for its better-than-expected earnings performance.
Before then, we expect there to be further positive progress, notably both on the ADT implementation with Singapore Changi and on the auto-cargo project," said Canaccord, which reiterated its 'speculative buy' rating on the stock. "The company also highlighted that following the completion of the £5.25mn funding round in January it remains well capitalised to support the next phase of growth."
Reporting by Iain Gilbert at Sharecast.com