Boat Rocker Media Price Target Lowered to $3 at RBC

MT Newswires Live07-02

RBC Capital Markets lowered its price target on Boat Rocker Media Inc. (BRMI.TO) to $3 from $4.

Analyst Drew McReynolds maintained an Outperform rating on shares of the Canadian entertainment company.

"We believe the sale of Boat Rocker's 51% stake in Untitled Entertainment is consistent with the renewed focus on owned-IP providing additional balance sheet flexibility for content investment and M&A (> $75 Million in available cash) while maintaining ties to representation," McReynolds said in a note to clients.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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