(Reuters) - Shares of Com Dev International Ltd CDV.TO hit a 52-week low on Friday, a day after the Canadian satellite technology company posted quarterly profit below analysts' estimates and gave a weaker revenue growth outlook.
Com Dev shares were down over 18 percent, or 43 Canadian cents at C$1.90 morning trade on the Toronto Stock Exchange. They hit a low of C$1.87 earlier in the session.
CIBC downgraded the stock to sector performer from sector outperformer saying launch of Com Dev’s satellite, exactEarth, has been pushed back, which will delay revenue further. The brokerage cut its target to C$3.25 from C$4.75 on the stock.
“Results were below expectations, impacted by lingering project delays, cost overruns and FX impact,” Paradigm Capital analyst Barry Richards wrote in a note to clients.
The brokerage, which has a “buy” rating on the stock, cut its target to C$4 from C$5. (Reporting by Dinesh Mehta in Bangalore; Editing by Prem Uadyabhanu)
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