Cannacord stays at 'buy' on Beeks Financial Cloud

Analysts at Canaccord Genuity reiterated their 'buy' recommendation for Beeks Financial Cloud following the company's pre-close trading update.

The provider of low-latency cloud services for financial services said the impact of Covid-19 on its fiscal fourth quarter had been relatively small and that its full-year results for financial year 2020 would be "within the range of market expectations".

Having been at the top end of the consensus range of estimates, the Canadian broker therefore now reduced its own forecasts. was their 150.0p target price.

Furthermore, they believed that the June quarter would prove to have been the toughest, given the almost complete lockdown conditions.

However, they also expected the first half of the 2021 financial year would be impacted.

"As with many other names in the sector, decision-making from some customers has understandably been delayed because of COVID-19 and lockdown."

Canaccord also kept its 150.0p target price for the shares.