Pollard Banknote downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Pollard Banknote (PBKOF) to Market Perform from Outperform with a price target of C$21.50, down from C$29, following the Q1 report. The company’s revenue, EBITDA and margins missed estimates, reflecting lower instant ticket selling prices, an unfavorable product mix, Belgium start-up costs, and elevated spoilage, the analyst tells investors in a research note.