Canopy Growth (CGC) (WEED) is one of the top cannabis stocks (MJ) in terms of market capitalization followed by Aurora Cannabis (ACB) (ACBFF) and Aphria (APHQF). On September 5, Canopy Growth received a price target upgrade from Cowen and Company from 56 Canadian dollars to 74 Canadian dollars. This upgrade comes right after Cowen and Company’s previous upgrade on August 16 when it raised its price target from 48 Canadian dollars from 56 Canadian dollars. Let’s now look at the consensus ratings and price target for Canopy Growth.
The overall recommendation for Canopy Growth month-over-month in September remained unchanged at “buy” from a month ago. However, the consensus appeared to be relatively bullish on the stock in September compared to August. The number of analysts recommending a “strong buy” in September remained unchanged at two, and the number of analysts recommending a “buy” also remained unchanged month-over-month at four. Two analysts maintained a “hold” recommendation on the stock while one analyst maintained a “sell” recommendation on the stock in September.
The consensus price target for Canopy Growth as of September 11 stood at 49.9 Canadian dollars, which increased from 41.2 Canadian dollars a month ago. On September 11, Canopy Growth closed at 66.9 Canadian dollars, which was already 34% higher than the consensus price target.
Next, we’ll discuss Aurora Cannabis.