Mint Wireless gets fresh support

Canaccord Genuity has initiated covered on the stock with a "buy" recommendation and a 44 cents price target.

Canaccord Genuity has initiated coverage on Mint Wireless (MNW) with a “buy” recommendation and price target of 44 cents a share.

The stock is up 44.4% since it was included in the Uncapped 100 two weeks ago with a positive rating, and the broker believes there is plenty more upside to Mint's share price.

The mobile card payment solutions company’s deal with accounting group MYOB and Bank of New Zealand is already worth 33 cents a share, according to the broker.

The addressable market is forecast to grow 42% a year for the next three years to around $20 billion, and any new distribution agreement will add significant upside to Mint Wireless’ earnings given its low fixed cost-base.

Mint Wireless closed at 26 cents a share on Friday.