Organigram (OGRMF) had one of its best days on October 15 with a rise ~9.3% to 8.2 Canadian dollars. It appears that cannabis stocks continue to be a favorite among investors, as stocks such as Cronos Group (CRON), Tilray (TLRY), and Canopy Growth (CGC) (WEED) all gained over 10% during the day.
The overall consensus recommendation on Organigram was a “buy,” which remained unchanged month-over-month. Three analysts maintained a “strong buy” on the stock, while five analysts maintained a “buy” recommendation on Organigram in October. Similar to other cannabis stocks (MJ) discussed earlier in this series, analysts remain optimistic about Organigram, which is not surprising given the huge anticipated demand for recreational cannabis in Canada.
While the recommendation remained unchanged month-over-month, the mean consensus price target for Organigram increased to 7.8 Canadian dollars in October from 7.1 Canadian dollars in September, representing a 9.8% increase in the target price. The median price target also increased month-over-month from 7.25 Canadian dollars to 7.9 Canadian dollars. The stock closed almost 5% higher than the mean and median price target on October 15 at 8.2 Canadian dollars.
Next, we will look at the recommendations and price target for Tilray.