Charlotte's Web Holdings (CWBHF) PT Lowered to $5 at Benchmark
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Benchmark analyst Mike Hickey lowered the price target on Charlotte's Web Holdings (OTC: CWBHF) to $5.00 (from $6.00) while maintaining a Speculative Buy rating.
The analyst commented, "CWEB delivered disappointing F1Q20 revenue and Adjusted EBITDA results. Results in the quarter were negatively impacted by the pandemic, as B2B sales decline 1% in the quarter, while BTC sales expanded a healthy 14% and represented nearly 70% of total sales. We anticipate a growth reset on the B2B opportunity over time as the virus influence diminishes and the economy continues to reopen. CWEB is positioned to enter international markets in early FY22, beginning initial product sales with Israel and Canada. CWEB is the domestic market share leader for CBD; we anticipate that a more favorable FDA regulation on CBD should provide a catalyst for accelerated financial growth. We also anticipate that CWEB will eventually be acquired when the CBD market fully opens."
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