Benchmark Starts Canopy Growth Corp (CGC) at Buy
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(Updated - September 25, 2018 8:11 AM EDT)
(updated to add analyst comment)
Benchmark analyst Mike Hickey initiates coverage on Canopy Growth Corp (NYSE: CGC) with a Buy rating.
The analyst puts his price target at CAD$100.00.
Hickey offers four reasons for his positive view:
Canopy’s early leadership in the medical cannabis market in Canada,
upcoming legalization of recreational cannabis in Canada,
international growth from countries that have legalized cannabis and likely future legalization of cannabis for medical and recreational use in the US and overseas, and
meaningful investment from Constellation Brands, which accelerates the ongoing build-out of its international production and distribution operations and domestic retail infrastructure to meet rapidly growing global demand, and which enables M&A opportunities and internal development of new brands and products that use cannabis as an active ingredient.
Further he believes the international opportunity for the company "is enormous" as the global market could reach upwards of CAD$285 billion in the coming 15 years. He also calls the Constellation Brands investment "a game changer."
Shares of Canopy Growth Corp closed at $52.11 yesterday.
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