Pioneering Technology Corp (CVE:PTE), the cooking fire prevention specialist, received an endorsement from Echelon Wealth Partners, which has the stock as one of its ' top picks'.
In the 'Eye On Equities' column, the Globe and Mail writes that Echelon views the stock "as an undervalued, underfollowed play on new safety requirements.."
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READ THE BIG PICTURE- Pioneering Technology looking to ignite its potential after meeting industry standard
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READ - Pioneering Technology shares spark on strong second quarter
In May, when it reported 80% revenue growth for the three months to end March, compared to the same period in 2016, Pioneering said its 2017 forecast of 50% year over year growth was based on current pipeline; strength of the growing interest in existing products; and world class facility distributor/channel relationships.
Pioneering designs and produces solutions for cooking fire prevention and energy reduction and markets them mainly in the multiresidential space, and through retail channels.
Last month, the group inked a definitive partnership deal with Europe's market leader in cooking fire prevention technologies -Innohome OY, of Espoo, Finland - aimed at boosting revenues and profits.
Echelon says in a note: "Potential catalysts include additional contract/customer wins, improved financial results, and M&A activity.
It repeated a "speculative buy" rating on the stock and price target of C$1.60, which represents a 29% increase to the current price of C$1.24 - up 6.9% on the day.