Month: April 2020

Research endeavour silver corp exk lowering 2020 estimates to reflect second quarter suspension of operations in mexico

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Wednesday, April 15, 2020

Endeavour Silver Corp (EXK)

Lowering 2020 Estimates to Reflect Second Quarter Suspension of Operations in Mexico

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. The company is organized into four operating mining segments, Guanacevi, Bolanitos, El Cubo, and El Compas, which are located in Mexico as well as Exploration and Corporate segments. Its Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

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

    First quarter production results are a mixed bag. Compared to the prior year period, first quarter silver and gold production declined 19.9% and 15.7% to 857,659 ounces and 8,476 ounces, respectively. The decline was due to the suspension of mining at the El Cubo mine on November 30, 2019 and lower production at both Bolanitos and El Compas. Guanacevi production results outperformed our expectations, while Bolanitos and El Compas underperformed. Silver production exceeded our estimates, while gold production was below our estimate. Compared to the fourth quarter of 2019, first quarter silver and gold production declined 8.7% and 11.5%, respectively.

    Updating estimates. We forecast a 2020 loss of ($0.06) per share and EBITDA of $22.5 million compared to our prior estimates of $0.01 and $34.1 million. Our revised estimates reflect, in part, lower production in the second quarter due to the suspension of mine activities in Mexico from April 1 through April 30 due to government-mandated work restrictions to curb COV-19 infections. We forecast 2021 EPS and EBITDA of $0.07 and $44.9 million, respectively. Our 2021 estimates reflect continued improvement in mine throughput and grades and the benefit of higher average gold 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).

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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 comtech telecommunications corp- cmtl early signs of business returning

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Wednesday, April 15, 2020

Comtech Telecommunications Corp. (CMTL)

Early Signs of Business Returning?

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Business Returning? While we believe it is too early to call a bottom, since April 6th, Comtech has issued a series of press releases highlighting new business wins. In the tidal wave of negative news coming out daily, we wanted to highlight that Comtech continues to operate even under these challenging conditions.

    BFT-1 Sustainment Support. The contract that keeps on giving provides an additional $6.5 million to Comtech for the period 4/15/20-4/14/21 with an additional 12 month option period added on to the contract. We are still hopeful Comtech will get a seat at the table if the Army moves forward with a BFT-3 type project. Comtech also received…

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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 the 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 – 1-800-Flowers.com (FLWS) – What’s Not To Love

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Tuesday, April 14, 2020

1-800-Flowers.com (FLWS)

What’s Not To Love?

1-800-FLOWERS.COM, Inc. is the leading provider of gourmet and floral gifts for all occasions. For nearly 40 years, 1-800-FLOWERS® has been helping deliver smiles for customers with gifts for every occasion, including fresh flowers, premium, gift-quality fruits, and other gourmet items from Harry & David®, popcorn and specialty treats from The Popcorn Factory®; cookies and baked gifts from Cheryl’s®; premium chocolates and confections from Fannie May®; gift baskets and towers from 1-800-Baskets.com®; premium English muffins and other breakfast treats from Wolferman’s; carved fresh fruit arrangements from FruitBouquets.com; and top quality steaks and chops from Stock Yards®. The Company’s BloomNet® international floral wire service provides a broad range of quality products and value-added services designed to help professional florists grow their businesses profitably.

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

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

    Recent stock weakness provides favorable risk/reward relationship.The FLWS shares dropped 11% on a downgrade to Neutral from another analyst based on recession susceptibility in fiscal 2021. In our view, the best time to buy a consumer stock is on fears of an economic downturn. But, this is not an ordinary consumer stock.

    Changing consumer behavior. Industry wide, traffic to websites are up 150% to 250% in general. We believe that e-commerce companies, like 1800Flowers.com, are likely to benefit from secular shifts toward buying online, a trend that we see…

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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 the 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 townsquare media tsq quarterly preview unsettling times

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Tuesday, April 14, 2020

Townsquare Media (TSQ)

Quarterly Preview: Unsettling Times

Townsquare Media Inc is an entertainment and media company offering digital marketing solutions in the United States and Canada. It owns and operates radio stations, social media properties focusing the small and mid-cap companies. Services offered to the clients include live events, local advertising, digital advertising, e-commerce offerings, few others. The segments through which the company operates its businesses are classified into Local marketing solutions and Entertainment segments. Revenues are generated from commercials through broadcasts and sale of internet based advertisements.

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

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

    First quarter preview. The first quarter is not expected to be significantly impacted by the economic fallout from battling the Coronavirus. The quarter started out strong, offsetting some of the advertising weakness in the last two weeks of March. We did not adjust our first quarter estimates although we would not be surprised if there was a “miss”.

    An ugly second quarter. The biggest impact from the Coronavirus will be in the second quarter. We believe that management will guide revenues to be down roughly 39% to 44% with expenses to be down 23%. Operating cash flow, adj EBITDA, is estimated to be…


    Click here to get the full report.

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 the 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 1 800 flowers-com flws what s not to love

Posted on by Admin

Tuesday, April 14, 2020

1-800-Flowers.com (FLWS)

What’s Not To Love?

1-800-FLOWERS.COM, Inc. is the leading provider of gourmet and floral gifts for all occasions. For nearly 40 years, 1-800-FLOWERS® has been helping deliver smiles for customers with gifts for every occasion, including fresh flowers, premium, gift-quality fruits, and other gourmet items from Harry & David®, popcorn and specialty treats from The Popcorn Factory®; cookies and baked gifts from Cheryl’s®; premium chocolates and confections from Fannie May®; gift baskets and towers from 1-800-Baskets.com®; premium English muffins and other breakfast treats from Wolferman’s; carved fresh fruit arrangements from FruitBouquets.com; and top quality steaks and chops from Stock Yards®. The Company’s BloomNet® international floral wire service provides a broad range of quality products and value-added services designed to help professional florists grow their businesses profitably.

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

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

    Recent stock weakness provides favorable risk/reward relationship.The FLWS shares dropped 11% on a downgrade to Neutral from another analyst based on recession susceptibility in fiscal 2021. In our view, the best time to buy a consumer stock is on fears of an economic downturn. But, this is not an ordinary consumer stock.

    Changing consumer behavior. Industry wide, traffic to websites are up 150% to 250% in general. We believe that e-commerce companies, like 1800Flowers.com, are likely to benefit from secular shifts toward buying online, a trend that we see…

    Click here to get the full report.

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 the 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 one stop systems oss initiates expense reduction and reorganization plan

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Tuesday, April 14, 2020

One Stop Systems Inc. (OSS)

Initiates Expense Reduction and Reorganization Plan

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Moves to Strengthen Company: Near and Long-Term. Yesterday, OSS announced it has initiated a structural change and expense reduction plan designed to align the company’s operations and goals with current market uncertainty while positioning OSS for future growth. The company expects the program to be substantially complete in the current quarter and realize savings of $2.5 million to $3 million on an annual basis.

    Reorg Plan. The major part of the reorg plan is an intensified focus on product marketing development, with the product marketing team now the hub for cross functional coordination with sales, engineering, operations, and finance. This team now will be responsible for creating additional value and customer stickiness, as well as improving margins by…


    Click here to get the full report.

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 the 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 – Townsquare Media (TSQ) – Quarterly Preview: Unsettling Times

Posted on by Admin

Tuesday, April 14, 2020

Townsquare Media (TSQ)

Quarterly Preview: Unsettling Times

Townsquare Media Inc is an entertainment and media company offering digital marketing solutions in the United States and Canada. It owns and operates radio stations, social media properties focusing the small and mid-cap companies. Services offered to the clients include live events, local advertising, digital advertising, e-commerce offerings, few others. The segments through which the company operates its businesses are classified into Local marketing solutions and Entertainment segments. Revenues are generated from commercials through broadcasts and sale of internet based advertisements.

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

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

    First quarter preview. The first quarter is not expected to be significantly impacted by the economic fallout from battling the Coronavirus. The quarter started out strong, offsetting some of the advertising weakness in the last two weeks of March. We did not adjust our first quarter estimates although we would not be surprised if there was a “miss”.

    An ugly second quarter. The biggest impact from the Coronavirus will be in the second quarter. We believe that management will guide revenues to be down roughly 39% to 44% with expenses to be down 23%. Operating cash flow, adj EBITDA, is estimated to be…


    Click here to get the full report.

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 the 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 – One Stop Systems (OSS) – Initiates Expense Reduction and Reorganization Plan

Posted on by Admin

Tuesday, April 14, 2020

One Stop Systems Inc. (OSS)

Initiates Expense Reduction and Reorganization Plan

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Moves to Strengthen Company: Near and Long-Term. Yesterday, OSS announced it has initiated a structural change and expense reduction plan designed to align the company’s operations and goals with current market uncertainty while positioning OSS for future growth. The company expects the program to be substantially complete in the current quarter and realize savings of $2.5 million to $3 million on an annual basis.

    Reorg Plan. The major part of the reorg plan is an intensified focus on product marketing development, with the product marketing team now the hub for cross functional coordination with sales, engineering, operations, and finance. This team now will be responsible for creating additional value and customer stickiness, as well as improving margins by…


    Click here to get the full report.

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 the 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 Lakes Dredge & Dock (GLDD) – Disappointing News, But Favorable Outlook Intact

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Monday, April 13, 2020

Great Lakes Dredge & Dock (GLDD)

Disappointing News, But Favorable Outlook Intact

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

    No go on Corpus Christi. Last week, Callan Marine won the $97.9 million award for dredging and other related work in Corpus Christi. The addition of the General Mac Arthur, a new 32-inch cutter suction dredge, last year allowed Callan to win. GLDD was one of the other two bidders, but limited info is available since it was a RFP process.

    No change in dredging market outlook, but competition has increased. We believe that the widespread disruption caused by the Coronavirus will have a minimal impact on operations since dredging is defined as an essential service, per the Department of Homeland Security (DHS). Our dredging market outlook remains favorable, but competition has escalated, with Callan Marine and…


    Click here to get the full report.

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 the 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 Ltd. (ARU:CA) – Planning the Next Campaign

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Monday, April 13, 2020

Aurania Resources Ltd. (ARU:CA)

Planning the Next Campaign

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

    Focus shifts to planning and analysis. On March 18, Aurania suspended field operations in Ecuador and withdrew its personnel from the Cordillera de Cutucu following measures by the Ecuadorian government to reduce the spread of new COV-19 infections. Management has shifted its focus to working through its field data backlog, planning ground surveys at Crunchy Hill and Yawi, refining the drilling plan for epithermal gold and silver targets and refining sedimentary-hosted copper-silver targets in both Ecuador and Peru. In our view, the company will be in a better position to hit the ground running once work restrictions are lifted.

    Updating estimates. As an exploration company, Aurania Resources generates no revenue. We are narrowing our 2020 loss estimate per share to (C$0.38) from (C$0.41) to account for lower expenses in the second quarter due to the temporary suspension of fieldwork in Ecuador. While we have not lowered our 2020 estimate for exploration, we have lowered expense estimates associated with travel, investor relations and project evaluation. Second quarter exploration expenses have been shifted to…

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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 the 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 – Neovasc Inc. (NVCN) – Two Breakthrough Medical Technologies for Cardiovascular Markets

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Monday, April 13, 2020

Neovasc Inc. (NVCN)

Two Breakthrough Medical Technologies for Cardiovascular Markets

Neovasc Inc is a specialty medical device company. The company develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Tiara for the transcatheter treatment of mitral valve disease and the Neovasc Reducer for the treatment of refractory angina. Neovasc is developing the Tiara for the treatment of mitral valve disease. Neovasc operates its business in one segment.

Cosme Ordonez, Senior Research Analyst, Noble Capital Markets, Inc.

Ahu Demir, Biotechnology Research Analyst, Noble Capital Markets, Inc.

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

We are initiating coverage on Neovasc, Inc. 

The Reducer for the Treatment of Refractory Angina. Neovasc is seeking FDA approval to commercialize the Reducer for the treatment of refractory angina in the United States. Patients suffering from refractory angina, a debilitating disease characterized by chronic chest pain, do not have any effective therapeutic options. The Reducer, commercially available in Europe, but not in United States, is a medical device designed to alleviate symptoms and improve heart functions.

Tiara for the Treatment of Mitral Valve Regurgitation. Neovasc is developing a medical device system known as Tiara for the treatment of patients suffering from mitral valve regurgitation, a disease caused by a malfunctioning of the heart’s native mitral valve. Neovasc’s system is designed to replace the defective native mitral valve for the Tiara prosthetic valve. Neovasc is currently seeking CE Mark to commercialize Tiara in Europe first, and…



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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 the 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 first quarter production results modestly better than expected

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Monday, April 13, 2020

Great Panther Mining Limited (GPL)

First Quarter Production Results Modestly Better Than Expected

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

    GPL reports first quarter production results. Great Panther produced 34,725 gold equivalent ounces, including 28,940 ounces of gold and 374,917 ounces of silver. Compared with the prior year period, gold and silver production increased 249.0% and 10.8%, respectively. The increase in gold production was attributed to a full first quarter of Tucano mine production. Sequentially, gold and silver production declined 22.0% and 11.4%, respectively.

    Mining suspended in Mexico until April 30. In April, GPL suspended activities at its mining and processing operations in Mexico in accordance with the Mexican government’s suspension of non-essential activities to contain the COVID-19 virus. The Tucano mine in Brazil remains operational given that Brazil has not introduced any…


    Click here to get the full report.

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 the 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 lakes dredge dock gldd disappointing news but favorable outlook intact

Posted on by Admin

Monday, April 13, 2020

Great Lakes Dredge & Dock (GLDD)

Disappointing News, But Favorable Outlook Intact

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

    No go on Corpus Christi. Last week, Callan Marine won the $97.9 million award for dredging and other related work in Corpus Christi. The addition of the General Mac Arthur, a new 32-inch cutter suction dredge, last year allowed Callan to win. GLDD was one of the other two bidders, but limited info is available since it was a RFP process.

    No change in dredging market outlook, but competition has increased. We believe that the widespread disruption caused by the Coronavirus will have a minimal impact on operations since dredging is defined as an essential service, per the Department of Homeland Security (DHS). Our dredging market outlook remains favorable, but competition has escalated, with Callan Marine and…


    Click here to get the full report.

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 the 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.