Atrium Research analyst Nicholas Cortellucci maintained a Buy rating on Diamond Estates Wines & Spirits on December 8 and set a price target of C$0.30.
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Nicholas Cortellucci’s rating is based on several positive developments for Diamond Estates Wines & Spirits. The company has issued shares at a premium to the market price as part of the earnouts from its acquisition of Perigon Beverage Group, indicating strong performance in terms of gross margins. This issuance provides a new floor for the stock price, suggesting stability and potential for growth.
Additionally, insider buying by the CFO, Basman Alias, further signals confidence in the company’s future prospects. The combination of these factors, along with the company’s successful turnaround and operational momentum, underpins the Buy rating with a target price of $0.30 per share.