PI Financial Raised OrganiGram’s Target Price



Higher target price

On February 26, PI Financial raised its target price on OrganiGram (OGRMF) (OGI) to 12 Canadian dollars from 10 Canadian dollars. On February 27, the stock closed ~2.2% lower at 8.3 Canadian dollars. We’ll compare PI Financial’s target prices with the consensus (HMMJ).

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Target price

In February, the consensus target price for OrganiGram rose to 10.7 Canadian dollars from 9.8 Canadian dollars a month ago. The target price will be achieved in the next 12-month period. Compared to the closing on February 28, the current target price would translate into an upside of ~29% to be achieved over the next 12 months.

Analysts’ recommendations

In February, analysts’ consensus recommendation for OrganiGram was a “buy.” Month-over-month, the number of analysts covering the stock increased to ten from nine. The overall recommendation for the stock month-over-month remained unchanged. Among the ten analysts, four recommended a “strong buy,” while six recommended a “buy.” The recommendations are for the next 12-month period. The recommendations could change as new information becomes available in the next 12 months. None of the analysts recommended a “hold” or “sell” on the stock. Currently, Canopy Growth (WEED) has an overall “buy” recommendation. Aphria (APHA) and Aurora Cannabis (ACB) also have an overall “buy” recommendation.

OrganiGram became active in the media after it bagged a supply agreement with Quebec and received a coverage initiation from Jefferies.


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