UPDATE: Lake Street Capital Initiates Navarre with Buy on Transformation Into Growth Company

In a report published Tuesday, Lake Street Capital Markets analyst Mark Argento initiated coverage on Navarre Corporation

with a Buy rating and $3.50 price target. In the report, Argento noted, “This is not the Navarre of old. In the 20 months since CEO Richard Willis has taken the helm, Navarre has undergone a significant transformation into a growth company. By leveraging its core distribution DNA, Willis has retooled and repositioned the business for growth by address large and fast growing distribution categories including e-commerce, accessories, and international markets. We expect Willis and team is just getting started and we believe Navarre has the opportunity to double revenues in the next few years to >$1 billion and achieve significant operational leverage and profitability.” Navarre Corporation closed on Monday at $2.30.