Canopy Growth (WEED) (CGC) has continued to deepen its roots in the United States with a recent announcement that could be a game changer for the company. On January 14, Canopy Growth announced a major win in the US market after receiving a license to run hemp operations in the State of New York.
The development could potentially set the company on the path toward 1 billion dollars in sales. Let’s turn our attention to what analysts recommend for the stock along with their consensus price target.
On January 16, Canopy Growth had a 12-month price target of 64.4 Canadian dollars from a total of 11 analysts. Like Tilray (TLRY) and Aurora Cannabis (ACB), Canopy Growth’s consensus price target was down month-over-month to 64.4 Canadian dollars from 65.5 Canadian dollars.
Canopy Growth closed at ~55.7 Canadian dollars on January 16, implying a potential upside of nearly 15% for investors if the stock’s current price converges with its price target.
For more information, read Top Ten Developments to Watch in the Cannabis Sector in 2019.
Of the 11 analysts tracking Canopy Growth in January, two have given it “strong buy” ratings, while seven have given it “buy” ratings. One analyst has given it a “hold” rating, and one has given it a “sell” rating this month.
In conclusion, while cannabis stocks (HMMJ) such as CGC, TLRY, and ACB have been climbing this year, their price targets have been lowered, which may indicate that analysts are taking a more conservative approach than the market.