Month: December 2019

Research – Harte-Hanks (HHS) – New Leadership For A New Phase?

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Tuesday, December 03, 2019

Harte-Hanks Inc. (HHS)

New Leadership For A New Phase?

Harte-Hanks is a marketing services company that provides multichannel marketing solutions as well as consulting, data analytics, and strategic assessment. The company’s offerings focus on business-to-business, retail, finance, and automotive segments through digital, social, mobile, and print media offerings. Harte-Hanks strives to develop better customer relationships through its marketing and analytical services for clients. The majority of its revenue is derived from its marketing services in the retail, technology, and consumer brand segments.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to full report for the price target, fundamental analysis, and rating.

Appoints a new C-level management team.  The company appointed Andrew Benett as Executive Chairman and CEO, Brian Linscott as COO, and promotes Lauri Kearnes to CFO position, replacing departing Mark Del Priore. Andrew Harrison stepped down as President but will remain with the company in an advisory role. Al Tobia, former Executive Chairman, will remain on the Board. While it was expected that there was a search for a new CEO, we are surprised by the sweeping management and Board changes.

A pivot in focus.  The new management represents a team with broad experience in the marketing services industry and a pivot in the company’s operating strategy, with a focus on revenue and cash flow growth from one of cost-cutting and right-sizing. We believe that investors are likely to be hopeful, but …


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Great Panther Mining Limited (GPL) – GPL Cuts 2019 Production Guidance Again; Lowering Rating to Market Perform

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Monday, December 2, 2019

Great Panther Mining Limited (GPL)

GPL Cuts 2019 Production Guidance Again; Lowering Rating to Market Perform

Great Panther Mining Limited, headquartered in Vancouver, Canada, is a precious metals mining and exploration company that operates three mines. These include 1) the Tucano gold mine in Amapa State, Brazil, 2) the Guanajuato mine complex which includes the Guanajuato and San Ignacio mines in Mexico, and 3) the Topia mine in Mexico. Great Panther also owns the Coricancha Mine in Peru, which is expected to restart operations in 2020. The shares are traded under the ticker “GPR” on the Toronto Stock Exchange and under the ticker “GPL” on the NYSE American.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for the price target, fundamental analysis, and rating.

Production guidance lowered.  Management lowered its 2019 production guidance for the second time and now expects a full-year production of 142,000 to 149,000 gold equivalent ounces compared to previous guidance of 150,000 to 160,000 gold equivalent ounces. The Tucano mine is now expected to produce between 31,000 and 33,000 gold ounces during the fourth quarter versus prior expectations of 39,000 to 44,000 ounces.

Updating estimates.  We are lowering our 2019 EPS and EBITDA estimates to ($0.10) and $20.1 million from ($0.07) and $26.4 million, respectively. Our full-year 2020 EPS and EBITDA estimates have also been lowered to $0.04 and…


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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Aurania Resources (ARU:CA) – On the Road to Finding the Lost Cities?

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Monday, December 2, 2019

Aurania Resources Ltd. (ARU:CA)

On the Road to Finding the Lost Cities?

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for the price target, fundamental analysis, and rating.

Discovery could lead the way to find the Lost Cities.  Vestiges of an old road were discovered in the central part of Aurania’s Lost Cities – Cutucu project. The road is believed to be one that linked two historic gold mining centers, Sevilla de Oro and Logrono de los Caballeros, both believed to be within the Lost Cities project area.

Next steps.  A LiDAR survey will be expedited over the area which should be able to detect extensions to the road and its termination at the historical mine sites. Findings will be incorporated into Metron’s data analytics process to…



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This Company Sponored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.