VerticalScope downgraded to Hold from Buy at TD Securities

TD Securities analyst Vince Valentini downgraded VerticalScope to Hold from Buy with a price target of C$10, down from C$13. The company is "consistently profitable and positive-FCF-generating," which the firm calls "characteristics we like to see in a good business." However, both advertising and retail sales, areas where VerticalScope drives its revenues, are "among the first buckets of spending to be reduced" in times of macro uncertainty and the firm see no near-term catalysts in that context.