Corus Entertainment Inc. experienced a sharp decline in its stock price, falling by 30.8% on October 31, 2023. This drop came after TD Securities revised its price target for the stock from C$0.05 to C$0.01, leading to a sell rating. The stock traded as low as C$0.03 and closed at C$0.05, marking a significant loss for investors.
During midday trading, approximately 4,488,367 shares exchanged hands, a staggering increase of 1,911% compared to the average daily volume of 223,181 shares. Prior to this downturn, Corus Entertainment’s stock had closed at C$0.07.
Further Downgrades and Market Consensus
In a separate analysis, the Royal Bank of Canada also adjusted its target price for Corus Entertainment. The bank lowered its estimate from C$0.20 to C$0.15 and assigned a “sector perform” rating in a research note issued on October 29, 2023.
Currently, the consensus rating among analysts on Corus Entertainment is “Reduce,” with an average price target set at C$0.08, according to data from MarketBeat. Among those following the stock, one analyst has issued a hold rating while another has recommended a sell.
About Corus Entertainment
Corus Entertainment Inc. is a prominent media and content company operating in the diversified media sector. It consists of two main business segments: television and radio. The television segment boasts a portfolio of various channels, while the radio segment manages a range of stations that serve music, news, and talk radio audiences.
As investors react to the recent downgrades, the future performance of Corus Entertainment remains uncertain. The company’s ability to navigate these challenges will be closely monitored by market analysts and stakeholders alike.
