HEXO got a boost on Thursday following a letter from its second-largest shareholder, expressing concerns over depressed valuations despite relatively strong fundamentals and revenue visibility. Hydropothecary is another company (MJ) to form a partnership with alcoholic beverage company Molson Coors Brewing (TAP). Canopy Growth (CGC)(WEED) was the first Canadian company to form such a partnership with Constellation Brands (STZ).
The overall consensus recommendation for Hydropothecary is a “buy,” which remained unchanged from last month. A total of two analysts maintained their “strong buy” recommendation on the stock in September and five analysts maintained a “buy” recommendation on the stock. The stock didn’t have any “hold” recommendations or “sell” recommendations.
The consensus price target on the company remained unchanged in the current month, which was similar to the trend in the recommendation. The current consensus price target for Hydropothecary stood at 8.6 Canadian dollars. As of September 11, HEXO was trading at 8.5 Canadian dollars, which was close to the consensus price target on the company for the next 12 months.
Next, we’ll discuss the recommendations and price target for CannTrust (CNTTF).