NetworkNewsBreaks – Codan Limited (CODAF) Receives Increased Price Target from Independent Investment Research
Independent Investment Research has updated its coverage and increased its price target from $2.24 to $2.51 on shares of Codan Limited’s (OTC: CODAF) Australia-listed stock following the company’s report of financial results for the full year ending in 2017. The analyst noted that the company’s strong results for the year exceeded expectations, with an increase in revenues of 33.4% to $226.1 million. The growth in revenue is attributed primarily to new product development, which in turn enabled the company to pay down existing debt. The analyst noted that the constant development of new products continues to drive the company’s valuation.…