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Analyst Actions: Clarus Initiates Coverage on Iona Energy; TP at $1.25

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Clarus Securities Inc. analyst David Ricciardi has initiated coverage on Iona Energy Inc. (INA.V) believing the junior will realize value in assets that have been overlooked by others, according to The Globe and Mail.

Mr. Ricciardi reportedly said: "Iona's business plan capitalizes on assets that are considered too small for the majors in the North Sea, but are ideal for a junior because they hold little exploration risk and are developmental in nature."

Clarus Securities initiated a "speculative buy" rating on the stock and set a 12-month price target of $1.25.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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