UPDATE: Canaccord Genuity Reiterates Speculative Buy Rating, Lowers PT on CounterPath Corp. on Lower Q3 Results

In a report published Friday, Canaccord Genuity analyst Robert Young reiterated his Speculative Buy rating on CounterPath Corp. CPAH, but slightly lowered his price target from $3.25 to $3.00. In the report, Young noted, “CounterPath reported lower than expected Q3 results given a shift in channel strategy and weakness in Europe. We balance the miss and premium valuation with a positive growth outlook for Q4/F13 and our view of a large opportunity in C2013 and C2014 to remain a SPECULATIVE BUY, but we are reducing our target to US$3.00 with lowered estimates. We continue to believe that CounterPath is positioned to benefit from an IP telephony shift and its carrier solutions to OTT competition.” CounterPath Corp. closed on Thursday at $2.26.