The Globe and Mail reports in its Friday, Oct. 11, edition that Canaccord Genuity analyst Aravinda Galappatthige is keeping his "buy" ranking for Thunderbird Entertainment intact. The Globe's David Leeder writes that Mr. Galappatthige gave his share target a 50-cent boost to $3.50. Mr. Galappatthige says in a note: "Q3/24 results were notably stronger than our estimates, with revenues coming in at $51.8-million, up 37.3 per cent year-over-year, compared to our $46.7-million forecast. Adj. EBITDA also topped our estimate, coming in at $6.9-million, up from $700,000 last year. Results were driven by stabilizing market conditions and cost-reduction measures. Gross margins were better than last year despite a higher mix of licencing revenues. Management is guiding to 20-per-cent revenue growth in F2025 and over 10-per-cent adjusted EBITDA growth. The lower profitability growth expectation is on account of the gross margin profiles of upcoming projects, we suspect, skewing more toward the licencing side than service work. We remind investors that while near-term margins on the licensing side may be lower, there is a longer tail to the revenue cycle as well as the prospect of meaningful upside for very successful titles."