Cronos Group (CRON:CN) (CRON) PT Lowered to Cdn$9 at Cowen
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Cowen analyst Vivien Azer lowered the price target on Cronos Group (CRON:CN) (NASDAQ: CRON) to Cdn$9.00 (from Cdn$14.00) while maintaining a Market Perform rating.
The analyst commented, "CRON's 1Q21 revenues of $12.6 mm were well below our and street estimates, mostly driven by challenges in the Canadian adult use market, which we anticipate will broadly impact our coverage universe. The company had another quarter of negative gross margins and substantial EBITDA losses (-$37.1 mm), which we expect to continue through the year."
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