Price target upgrade
Early on January 25, Canopy Growth (CGC)(WEED), a Canadian cannabis stock, was trading higher by nearly 6% in the US stock market due to a boost in its price target. Piper Jaffray, a well-respected investment firm, upgraded its price target for Canopy Growth by nearly 50% to $60 from its earlier $40, which meant a price boost of nearly 50%.
The overall cannabis industry was also trading higher this morning with the Horizons Marijuana Life Sciences ETF (HMMJ) gaining nearly 1.9% in the early morning trading session at 10:00 AM EST.
Tilray (TLRY), which recently got a boost in its price target from Eight Capital, was trading higher by 0.8%, while HEXO (HEXO) was up nearly 1.3% around 10:00 AM EST. In contrast to these stocks, Cronos (CRON) had a slower start with its stock trading just about 0.12% higher in the morning.