14:30:28 EDT Sat 10 Jun 2023
Enter Symbol
or Name

Corus Entertainment Inc
Symbol CJR
Shares Issued 196,068,632
Close 2023-03-22 C$ 1.64
Recent Sedar Documents

Globe says Shine reaffirms Corus at "sector perform"

2023-03-23 08:02 ET - In the News

The Globe and Mail reports in its Thursday, March 23, edition that National Bank analyst Adam Shine has reaffirmed his "sector perform" recommendation for Corus Entertainment. The Globe's David Leeder writes that Mr. Shine shaved his share target by 25 cents to $2.50. Analysts on average target the shares at $2.71. Mr. Shine expects "weak" second quarter result from Corus when it reports on April 13. He says the Street's earnings expectations are "looking too high" given an increase in programming spending. Mr. Shine says in a note, "While looking for a recovery in TV ad sales later this calendar year and an easing of TV expenses due to timing in H2/23 as well as less Cancon requirements in fiscal 2024, we may be getting closer to a near-term bottom on the stock as we move through spring." Mr. Shine is now estimating total revenues of $342.8-million, up from $342-million previously but down 5.2 per cent year-over-year and 7 per cent from the first quarter. He projects earnings before interest, taxes, depreciation and amortization to fall 32.8 per cent and 25.7 per cent to $58.2-million (versus $62.5-million previously). Both are lower than the consensus forecasts on the Street ($344.3-million and $64.9-million).

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