Sales to grow
Canopy Growth (WEED) (CGC) is scheduled to announce its third-quarter earnings on February 14 after the market closes. Canopy Growth is expected to see a meteoric rise in its sales in the upcoming third quarter. The company is expected to report sales of 87.9 million Canadian dollars, which will likely rise ~300% from 21.7 million Canadian dollars in the third quarter a year ago. To learn more, read What to Expect from Canopy Growth’s Q3 Earnings. Let’s look at analysts’ ratings and target price for Canopy Growth before its earnings.
As of February 12, analysts’ consensus target price for Canopy Growth was 69.7 Canadian dollars, which was nearly 8.2% higher from 64.4 Canadian dollars in January. The company’s median target price was even higher at 70 Canadian dollars in February. Looking at the closing on February 12 of 58.3 Canadian dollars, the company’s target price would leave 19.5% for an upside.
Canopy Growth is about to release its earnings, so things could change for better or worse regarding the target prices and analysts’ recommendations for companies (HMMJ) like Tilray (TLRY), Cronos Group (CRON), and HEXO (HEXO).
In the above chart, among the 11 analysts that covered Canopy Growth stock, there was an overall “buy” recommendation for the company. Two analysts recommended a “strong buy,” seven recommended a “buy,” one recommended a “hold,” and one recommended a “sell.”
Next, we’ll discuss analysts’ recommendations for Tilray.