UPDATE: BofA Securities Reinstates Canopy Growth (WEED:CN) (CGC) at Buy

April 28, 2021 6:06 AM EDT
Get Alerts WEED:CN Hot Sheet
Price: $0.00 --0%

Rating Summary:
    0 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 2 | Down: 6 | New: 11
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(Updated - April 28, 2021 7:18 AM EDT)

BofA Securities Heather Balsky reinstates coverage on Canopy Growth (WEED:CN) (NASDAQ: CGC) with a Buy rating and a price target of Cdn$45.00.

The analyst comments "We are resuming coverage of Canopy Growth (CGC/YWEED) with a Buy and C$45/US$36 PO. CGC is a producer of cannabis and related products with distribution in Canada, Europe, and the US (non-THC). In our view, the current stock price does not fully value its long-term potential. We think its balance sheet, mgmt team and partnerships position CGC well to enter the US if there is federal legalization. US legalization will likely take time; CGC’s improving EBITDA and cash flow make its shares attractive in the meantime."

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