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Canaccord Genuity Cuts Polaris Minerals Corp. to Hold, Lowers Price Target

Citing heightened liquidity risk, Canaccord Genuity analyst Gary Lampard looked at Polaris Minerals Corp. (PLS.TO), which develops construction aggregate projects in North America, and downgraded the stock to a Hold from Speculative Buy and lowered his price target to $1.40 from $1.85.

The newspaper noted this week PLS reported disappointing earnings and sales and advised of a further delay in the sale process for its freehold land at Pier B in the port of Long Beach in California.

Given this delay, "operating performance and market conditions are once again the major near-term liquidity risks, and Polaris may once again need to secure some form of bridge financing prior to the closing of the land sale," it cites Lampard as saying.

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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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