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Canaccord Genuity Raises Price Target for Canopy Growth

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Canaccord Genuity raises price target

On February 18, Canopy Growth (WEED) received a price target upgrade from Canaccord Genuity after the company reported its Q3 earnings on February 14. Canaccord Genuity raised Canopy Growth’s price target to 70 Canadian dollars from 50 Canadian dollars. Let’s look at where the consensus price target for the company stands.

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Consensus price target

As of February 18, the overall consensus price target for Canopy Growth stood at 70.6 Canadian dollars, up from 66.2 Canadian dollars in the previous month. The median price target was even higher at 75 Canadian dollars on February 18. The mean and the median price target would leave an upside of almost 12.4% and 19%, respectively, from the last closing price of 62.8 Canadian dollars.

Consensus recommendation

The overall consensus recommendation for Canopy Growth by 11 analysts in the above chart was a “buy” with two analysts recommending a “strong buy” and seven analysts recommending a “buy” on the stock. One analyst had a “hold” recommendation, and one had a “sell” on the stock. As of February 18, the recommendation remained unchanged compared to last month.

Canopy Growth’s peers (HMMJ) Aurora Cannabis (ACB), HEXO (HEXO), and Aphria (APHA) also have an overall consensus recommendation of a “buy.”

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