HEXO Corp. (HEXO) PT Raised to $7 at Oppenheimer
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Oppenheimer analyst Rupesh Parikh raised the price target on HEXO Corp. (NYSE: HEXO) to $7.00 while maintaining a Outperform rating.
The analyst commented, "HEXO is a branded cannabis producer and consumer products company based in Quebec, Canada. We overall look favorably upon the early efforts by the HEXO management team in developing a foundation to become a leading global CPG player within the cannabis category. These include: 1) establishing an attractive Canadian infrastructure; 2) partnering with leading CPG player, Molson Coors; and 3) early success with new innovations. Over time, we believe this foundation could help the company, a January 2019 IPO, become a leading global cannabis player. Given the significant uncertainty on the developing competitive and regulatory backdrop, we view our recommendation and an investment in the space as more speculative in nature, at least compared to other CPG verticals."
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