Just came across this analysis from back in 2024 about two Canadian penny stocks that analysts were pretty bullish on at the time. Both Exro Technologies and Arizona Metals had Strong Buy ratings with crazy upside targets—we're talking 210% and 160% potential gains respectively. Pretty wild numbers if you're into that penny stock hunting.

Exro was an interesting one because they had just closed this massive C$332 million acquisition of SEA Electric, which was supposed to help them scale up revenues and eventually hit profitability. They were pre-revenue at the time with Q2 losses around C$0.05 per share, but analysts seemed convinced the acquisition would be a game-changer for their power electronics business.

Arizona Metals was doing the whole spin-out play with their mining projects in Arizona—Sugarloaf Peak and Kay Mine. Also pre-revenue, also losing money quarterly, but the analysts consensus was still bullish. They were planning to split into separate entities while keeping a stake in both.

Not sure how these actually played out over the past year and a half since this was published, but it's a good reminder that when you're looking at canadian penny stocks, analysts' ratings can be wildly optimistic. These kinds of plays are definitely high-risk, high-reward territory. Anyone actually holding either of these back then or just watching how the canadian penny stocks list evolved?