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Research – Trovagene (TROV) – Inflection Points Later this Year

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Monday, August 12, 2019

Trovagene Inc. (TROV)

Additional Data Readouts are the Major Inflection Points in H2 2019

TrovaGene Inc is a US-based life science company which focuses on the development and commercialization of a proprietary molecular genetic detection technology for use in pharmaceutical development, clinical research and medical testing across a variety of clinical disciplines, including oncology and virology.

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

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

  • Opportunity in Multiple Indications. Trovagene continues to make progress in its clinical programs including; 1) Phase 1b/2 study in acute myeloid leukemia (AML), 2) Phase 2 study in metastatic castration-resistant prostate cancer (mCRPC) and 3) Phase 1b/2 trial in KRAS-mutated metastatic colorectal cancer (mCRC). 
     
  • Key Value Driving Catalysts. In our view, additional data readouts, validating the potential of Onvansertib in these indications, will unlock additional value for the shares. The nearest-term catalyst is…




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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 – Endeavor Silver (EXK) – Setting the Stage for Growth

Posted on by Admin

Monday, August 12, 2019

Endeavour Silver (EXK)

Overhauling the Base Business and Setting the Stage for Growth

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.

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

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

  • Weaker than expected second quarter. Endeavour reported a second quarter loss of $10.1 million, or ($0.08) per share, compared to a loss of $5.7 million, or ($0.04) per share, during the prior year period. We had projected a loss of $4.9 million, or ($0.04) per share. The variance to our estimate is attributed to higher than expected costs of production.  
     
  • Adjusting estimates. We now forecast a 2019 loss of ($0.23) per share versus our prior estimate of ($0.17). However, we have modestly increased our 2020 EPS and EBITDA estimates to…




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*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. 

China currency devaluation: Who is this helping?

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China currency devaluation: Who is this helping?

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section)

As President Trump threatens to impose more tariffs on goods from China, the response was China devaluing their currency. For the first time in more than a decade, the yuan is at an all-time low of 7 yuan per dollar. With investors fearing that this will have a heavy impact on global growth, many have got out of their Asian currency investments associated with exports and moving to safer investments, like the Japanese yen. Although this may lead to economic growth for China, it may lead to increased inflation and a currency war worldwide.

Research – Genco Shipping (GNK) – A Tough Quarter But Rebound Ahead

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Friday, August 9, 2019

Genco Shipping (GNK)

A Tough Quarter But Rebound Ahead

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels.

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

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

  • 2Q2019 EBITDA of $5.4 million was well below expectations. Lower TCE revenue of $5.8 million and higher opex of $2.6 million were the main drivers of the shortfall.
  • Lowering 2019 EBITDA estimate to $79.8 million (from $102.4 million) to reflect the
    2Q2019 negative variance, 3Q2019 forward cover, and updated dry dock data.     2019
    TCE rate estimate is $11,372/day, and 65% of available…




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*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 – Avino Silver & Gold (ASM) – Entering the Second Half with Strong Liquidity and Leverage to Higher Commodity Price

Posted on by Admin

Friday, July 19, 2019

Avino Silver & Gold (ASM)

Entering the Second Half with Strong Liquidity and Leverage to Higher Commodity Price

Avino Silver & Gold Mines Ltd. engages in the acquisition, exploration, development, production, and sale of mineral properties in Canada and Mexico. It primarily explores for gold, silver, copper, zinc, and lead deposits.

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

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

  • Second quarter results roughly in line with our expectations. Avino Silver & Gold Mines Ltd. reported a second quarter loss of $166 thousand, or ($0.00) per share, compared to earnings of $839 thousand, or $0.02 per share during the prior year period and our net income estimate of $217 thousand, or $0.00 per share. Second quarter results were negatively impacted by 5 days of unplanned downtime at the San Gonzalo mine and an expected decline in grades as the San Gonzalo mine approaches the end of its life. Second quarter EBITDA were $350 thousand, compared to $2.4 million during the prior year period.
  • Updating estimates. While our 2019 EPS estimates remains unchanged, we have increased our 2020 EPS estimates to $0.11 from $0.10. Revisions to our estimates reflect…



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*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 – Coeur Mining (CDE) – Momentum Building in the Second Half?

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Friday, August 9, 2019

Coeur Mining (CDE)

Momentum Building in the Second Half?

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. The company is involved on the discovery and mining of gold and silver, and generates the vast majority of revenue from the sale of these precious metals. The operating mines of company are palmarejo, rochester, wharf, and kensington.

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

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

  • CDE reports second quarter loss. The company reported a second quarter adjusted loss of ($0.11) per share, compared to earnings of $0.01 during the prior year period and our estimate of ($0.10). Adjusted EBITDA amounted to $30.6 million versus $48.4 million during the second quarter of 2018 and our estimate of $26.0 million.
  • Updating estimates. While our 2019 estimates remain unchanged, we now project 2020 EPS of…



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*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 – One Stop Systems (OSS) – A Solid 2Q Rebound Sets Up the Second Half of 2019

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Friday, August 9, 2019

One Stop Systems (OSS)

A Solid 2Q Rebound Sets Up the Second Half of 2019

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.

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

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

  • 2Q19 Results. Driven by the capture of business that spilled over from Q1, revenue increased 153% year-over-year to a record $14.9 million. Reported EPS came in at a loss of $0.11 compared to a loss of $0.12 last year. On an adjusted basis, EPS for the second quarter was $0.06 compared to a loss of $0.10 in the 2018 second quarter.
  • Keep on Winning. During the first half, One Stop won 11 new design wins with multi-year values in excess of…


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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 – Cumulus Media (CMLS) – Favorable Cash Flow Picture Provides Confidence In Debt Reduction Target

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Friday, August 9, 2019

Cumulus Media (CMLS)

Favorable Cash Flow Picture Provides Confidence In Debt Reduction Target

CUMULUS MEDIA, Inc. (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYS, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.

Michael Kupinski, Senior Research Analyst, DOR, Noble Capital Markets, Inc.

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

  • Exceeds expectations. While Q2 revenues were in line with our expectations ($279.7 million versus our $280.4 million estimate), adjusted EBITDA was better ($61.8 million versus our $58.8 million estimate). The results reflected management’s keen eye on costs. 
     
  • Adjusting for Sales and Swaps. Even as we adjust the second half 2019 for asset sales and swaps, we still come to the same adjusted EBITDA number for the year, flowing through the second quarter upside. We are likely 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 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 – Harte-Hanks (HHS) – With Progress Comes Increased Confidence In Its Turnaround

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Friday, August 9, 2019

Harte-Hanks (HHS)

With Progress Comes Increased Confidence In Its Turnaround

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.

Michael Kupinski, Senior Research Analyst, DOR, Noble Capital Markets, Inc.

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

  • Good progress. The second quarter results were mixed, but reflected progress on the company’s plan to right size its business, to position the company for profitability, and a return toward revenue and cash flow growth. While revenues were lighter than expected, the company overachieves on operating cash flow, with a significantly lower loss due to significant cost cutting.  
     
  • Management expresses confidence in improving outlook. Management indicated that it believes that the company is on track to have positive EBITDA in the fourth quarter 2019 and will be…




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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 – The McClatchy Company (MNI) – Significant Progress Toward Maintaining Cash Flow

Posted on by Admin

Friday, August 9, 2019

The McClatchy Company (MNI)

Significant Progress Toward Maintaining Cash Flow

The McClatchy Co is the third-largest newspaper publisher in the United States, operating 30 dailies and approximately 50 nondaily publications in 29 markets nationwide.

Michael Kupinski, Senior Research Analyst, DOR, Noble Capital Markets, Inc.

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

  • Overachieves second quarter expectations. While revenues were a little lighter than expected, the company’s earlier cost reductions significantly kicked in. As a result, cash flow from continuing operations (excluding asset sales) was nicely better than expected ($26.3 million versus our $22.6 million estimate). Notably, the company was able to maintain EBITDA margins at 14.7%. 
     
  • Disruption not as bad as feared. The company implemented a number of sales and structural strategies at the company in the second quarter, which potentially…




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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 – Tribune Publishing (TPCO) – Another Beat And Raise; Will Investors Take Notice?

Posted on by Admin

Thursday, August 8, 2019

Tribune Publishing Company (TPCO)

Another Beat And Raise; Will Investors Take Notice?

Tribune Publishing Co, formerly Tronc Inc is a print and online media company that publishes various newspapers and websites, such as The Chicago Tribune, Los Angeles Times, Baltimore Sun, San Diego Union-Tribune, and the Orlando Sentinel. The company creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • Overachieves second quarter. Revenues were $250.3 million, which was better than our $243.7 million estimate. Cash flow (Adj. EBITDA) beat our expectation ($24.4 million versus our estimate of $20.5 million). The company benefited from a sequential improvement in print advertising trends and strong revenue growth at Best Reviews (up 43%). 
  • Better than expected Q3 guidance. Q3 revenue is expected between $235 mil. and $240 mil., which is better than our $227.9 mil. estimate. In addition, adjusted EBITDA guidance range of…

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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. 

Markets see a slight calm: how long will this last?

Posted on by Admin

Markets see a slight calm: how long will this last?

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section)

With the surprise weakening of the yuan on Monday, the market went into shock and investors sought safer investments. Export data from China released on Thursday however, gave investors a slight sense of relief and stocks saw a tentative recovery. The fears of a recession are still up in the air, as the end of the ongoing tensions are unknown.  

Research – Gray Television (GTN) – Advertising Appears Resilient

Posted on by Admin

Thursday, August 8, 2019

Gray Television, Inc. (GTN)

Advertising Appears Resilient

Gray Television, Inc. operates as a television broadcast company in the United
States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX).

Michael Kupinski, Senior Research Analyst, DOR, Noble Capital Markets, Inc.

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

  • Q2 better than expected. Second quarter revenues of $508 million was better than our $504 million estimate and cash flow (adj. EBITDA) was better at $164 million versus our $158 million estimate. 
     
  • Key attributes. Local and Political advertising were better than our expectations and accounted for the largest upside variance in the quarter. These trends appear to…




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*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.