Canaccord rates IWM a BUY...
With all the selling of Canaccord recently, kind of ironic that Canaccord would rate IWM a buy. Anyways, here is what was posted on their daily letter today...
DailyLetter
Analysts' Breaking News Friday, July 23, 1999
RECOMMENDATIONS
...
6. BUY Infowave Software Inc. (IWM : VSE : $4.10 : Issued 17.6M)
Bradley
* Company to join the TSE
* Adding sales and marketing strength to build wireless sales
Infowave Software Inc. (IWM : VSE : $4.10) Paul Bradley
Recommendation: BUY
12-month target price: $5.50
52-week price range: $5.00-0.82
Shares O/S: basic 17.6M, fully diluted 20.4M
Shareholders: Management, 40%
Long term debt: Nil
Weekly trading volume: 1.1M
Market capitalization: $72.2M
In the weeks following Infowave's $7.2M special warrant financing
there have been a number of important developments:
* The Company has conditional listing approval from the TSE and
anticipates listing by early October.
* Canon has been added to the group of printer suppliers it works that
Infowave works to offer Apple connectivity solutions to. The
announcement covers a development agreement for Canon's
multi-functions printers (units providing printing, scanning, copying,
and fax facilities) targeted at the home office market. Over the last
year, Apple has experienced considerable growth in its iMac and G3
products, which now account for over 12% of all new PC sales-up from 6%
last year. The new iBook laptops are expected to experience similarly
strong demand. Higher Apple product sales drive an increased demand
for compatible printer products.
The focus of the special warrant financing was on the development of
the wireless messaging software division. One of the key imperatives
was the addition of sales and marketing personnel to accelerate the
deployment of Infowave's solutions. Jin Pak, a sales professional
with e-mail and wireless messaging experience gained at Glenayre and
Microsoft, joined the Company as vice president of sales for the
wireless business.
The announcement coincides with the proliferation of wireless data
solutions and recognition of the need for integration of devices,
applications, and networks.
We regard Infowave as a prime opportunity for gaining exposure to the
rapidly growing wireless applications market and recommend the stock
as a BUY with a 12-month target price of $5.50.
The information contained in this report is drawn from sources
believed to be reliable, but the accuracy and completeness of the
information is not guaranteed, nor in providing it does Canaccord
Capital Corporation ("Canaccord Capital") assume any liability. This
information is current as of the date appearing on a report within
this Site and Canaccord Capital assumes no obligation to update the
information or advise on further developments relating to these
securities. The information contained in the report is directed _only_
at, and any securities being offered are available _only_ to, persons
resident and located in British Columbia, Alberta, the Yukon, Ontario
and Quebec. Canaccord Capital, its affiliated companies and their
respective directors, officers and employees and companies with which
they are associated may, from time to time, hold the securities
mentioned at this report |
