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Canopy Growth Receives Target Price Upgrades

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Nov. 20 2020, Updated 5:08 p.m. ET

More upgrades

Previously in this series, we discussed the target price upgrades for Canopy Growth (WEED) (CGC) from PI Financial and Canaccord Genuity. In this part, we’ll discuss two more upgrades on August 16.

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Cormark Securities

Cormark Securities raised its target price for Canopy Growth to 40 Canadian dollars from 33 Canadian dollars, which represents an increase of almost 21%. Canopy Growth was already trading above Cormark Securities’ target price at 41.3 Canadian dollars on August 16.

Canopy Growth also trades in the US market. The target prices must not be confused with US dollars.

Cowen & Company

Cowen & Company was the fourth investment firm that increased Canopy Growth’s target price on August 16. Cowen raised its target price to 56 Canadian dollars from 48 Canadian dollars, which translates into a 17% increase from the previous target price.

Overall, the recent target price upgrades that we discussed in this series would give Canopy Growth ~21%–45% upside from the current price levels.

For other cannabis companies’ (HMMJ) ratings and target prices, like Aurora Cannabis (ACB) (ACBFF) and Aphria (APHQF), read Analyst Views in August: What’s the Outlook for Cannabis Stocks? to learn more.

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