Canopy Growth rises
On May 2, Canopy Growth received a price target upgrade from Canaccord Genuity to 27.5 Canadian dollars from 26.5 Canadian dollars, representing a ~3.8% increase. In comparison, the current consensus mean price target is 37.1 Canadian dollars, and the median price target is 40 Canadian dollars from the nine analysts surveyed by Reuters. The current rating on the stock stood at 2.6 with an overall “hold” recommendation for the next-12-month period. However, this rating was up from 2.5 last month, indicating that analysts were relatively bearish on the stock month-over-month.
On the other hand, Aurora Cannabis (ACB) (ACBFF) has a mean rating of 1.8, which was lower than 2.3 a month ago, indicating relative bullishness on the stock with an overall “buy” recommendation for the next 12 months and a mean price target of 10.9 Canadian dollars.
As the above chart shows, Canopy Growth has been consolidating in the past few weeks, which could indicate that a breakout may be in order. The stock has been in the news lately, as large Canadian pension funds took a position in the stock. Read Canopy Growth Rose 10% Yesterday: Why? for more information.