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Transcontinental Price Target Cut on Poor Q2 Earnings

Posted on June 15, 2008

Poor second quarter results in the midst of continued weak future prospects, prompted Genuity Capital analyst Carl Bayard to lower his target price on Transcontinental Inc. (TCLAF.PK) from C$19 to C$17.50.Transcontinental reported checkered numbers, hitting its earnings per share forecast at C$0.43, in spite of losing C$19.3-million in revenue to foreign exchange fluctuations, and missing sharply Mr. Bayard's revenue forecast of C$623-million, at C$595-million. The company also posted an EBITDA of C$90.7-million compared with the analyst's forecast of C$97.9-million....

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analyst , earnings , foreign exchange