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Canopy Growth Gets First Price Target Upgrade Post-Earnings

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Canopy Growth

After Canopy Growth (CGC)(WEED) reported its fourth-quarter earnings results yesterday, its stock fell ~10% during trading hours. However, the stock received a price target upgrade from Cowen, which raised its price target to 48 Canadian dollars from 45 Canadian dollars. Cowen has rated CCG as “outperform.” Let’s see how this compares with other ratings.

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Analysts’ price target

Analysts’ price target for Canopy Growth has risen to 37.70 Canadian dollars from 37.40 Canadian dollars in May. Their median price target, 40 Canadian dollars stayed the same. This price target may lag behind the company’s fourth-quarter earnings results.

Analysts’ mean price target implies a ~2% upside based on the stock’s June 27 closing price of 36.90 Canadian dollars, and their median price target implies an ~8% upside.

Recommendation

Analysts currently favor “buy” for the stock, as shown in the chart above. Of the ten analysts covering the stock, one recommends “strong buy,” five recommend “buy,” three recommend “hold,” and one recommends “sell.” Peer (MJ) Aurora Cannabis (ACB)(ACBFF) has received mostly “buy” recommendations, while Cronos (CRON) has received mostly “hold” recommendations.

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