Canopy Growth Corp (CGC) PT Lowered to $16.70 at Jefferies on Prolonged Weakness
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Jefferies analyst Owen Bennett lowered the price target on Canopy Growth Corp (NASDAQ: CGC) to $16.70 (from $25.28) while maintaining a Hold rating, noting that nearly three years into legalization, and approaching two years with the new CEO, the company is still losing money.
The analyst stated "Although Canopy's operational weakness has been well documented, recent results suggest things are worse than even we were expecting, and we have been one of the most cautious on the name. While bringing in our PT c35% (to C$16.70) to capture these latest trends, the fact remains Canopy (arguably) has the best US optionality across any Canadian name. With +ve US near-term legislative developments likely, there is upside risk."
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