Introduction
NURS has been on a multibagger run since first covered in May, with the story evolving rapidly. At that time, there were no write-ups, and just some bearish tweets post-LIFE offering.
We are now approaching a critical point, awaiting Q3 results. We expect to see initial VSDHOne traction, but 2026 targets and AOV commentary will be equally, if not more, important.
A note on ratings: coverage is initiated with a Buy rating and is maintained through earnings previews, reviews, and flash notes carrying Add, Hold, or Trim ratings, before being terminated with an Exit rating.
Add, Hold, and Trim correspond to increased, maintained, and reduced allocations, assuming optimal position sizes since the previous report have been maintained. Max weight positions, such as NURS, cannot carry an Add rating.
P.S. A new “cases” worksheet has been added, allowing you to quickly test out different assumptions. By choosing 1, 2, or 3 in cell M2 for the risk, base, and reward cases, respectively, the whole worksheet is updated with the respective scenario.
Q3 2025 earnings preview of Hydreight Technologies Inc. (NURS.V): Hold rating, raising price target to C$9.50.
NURS continues to present a particularly asymmetric profile, even after more than doubling since first covered in May. The thesis is playing out largely as expected, with the company executing according to plan.
Recent strategic decisions, however, have altered the company’s short-term algorithm, and visibility into its growth trajectory and margin profile has been significantly enhanced, triggering this preview.