UPDATE: Benchmark Downgrades Canopy Growth (WEED:CN) (CGC) to Hold on Valuation
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Benchmark analyst Mike Hickey downgraded Canopy Growth (WEED:CN) (NASDAQ: CGC) from Buy to Hold.
The analyst commented, "WEED delivered better than expected F3Q21 performance and provided a compelling medium-term financial profile. WEED emphasized anticipated near-term profitability through aggressive expense savings targets and has in fact made remarkable progress in reducing cash burn, with FCF in F3Q21 beating the last 10 quarters performance. Revenue growth should be significant in Canada over the next several quarters as new stores ramp aggressively, we estimate the potential for a 50% store increase in FY22, led by Ontario Province."
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