Cormark Downgrades Carmanah Technologies (CMH) to Market Perform

Carmanah Technologies (TSE:CMH) was downgraded by stock analysts at Cormark from a “buy” rating to a “market perform” rating in a note issued to investors on Friday. They currently have a C$5.30 price target on the stock, down from their previous price target of C$6.00. Cormark’s target price would suggest a potential upside of 23.26% from the stock’s previous close.

Carmanah Technologies opened at C$4.30 on Friday, MarketBeat Ratings reports. Carmanah Technologies has a 52 week low of C$3.88 and a 52 week high of C$4.99.

Carmanah Technologies (TSE:CMH) last announced its quarterly earnings results on Thursday, May 10th. The company reported C$0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.03 by C$0.01. Carmanah Technologies had a net margin of 2.19% and a return on equity of 1.61%. The firm had revenue of C$18.89 million during the quarter, compared to the consensus estimate of C$16.14 million.

About Carmanah Technologies

Carmanah Technologies Corporation designs, develops, and distributes products focused on energy optimized light LED solutions for infrastructure worldwide. It operates in Signals and Illumination segments. The Signals segment provides solar LED flashing beacons, including pedestrian crosswalk signals, school zone flashers, and 24-hr roadway beacons for various roadway applications; a range of marine lighting solutions to coast guards, marine authorities, navies, and ports; and LED aviation lighting solutions, such as approach lightings, apron lightings, and solar and hybrid power systems.

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