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Kraken Robotics Initiated at Outperform at RBC

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RBC Capital Markets initiated coverage of Kraken Robotics Inc. (PNG.V) with an outperform rating and CA$6 price target.

The Canadian marine technology company's acquisition of Covelya Group "transforms Kraken into a full-subsystem undersea technology provider, marking a step-change in scale and customer stickiness," analyst James McGarragle said.

"Combined with structural defence and commercial tailwinds driving strong growth, we see a compelling path to operating leverage and EBITDA margin expansion through FY28," McGarragle said in a note to clients.

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