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HEXO Got Target Price Upgrades after Its Q2 Earnings

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HEXO’s earnings

HEXO (HEXO) reported its earnings on March 14. The company’s revenues increased more than 1,000%. Since the company’s earnings were released, the stock has risen nearly 10% as of March 15. The company’s earnings report resulted in several investment firms upgrading the company. Let’s look at how HEXO’s ratings changed.

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Ratings and target price

On March 15, BMO upgraded HEXO’s target price to 9 Canadian dollars from 6 Canadian dollars. Canaccord Genuity raised HEXO’s target price to 10 Canadian dollars from 7.5 Canadian dollars. CIBC also raised its target price for the company from 8.5 Canadian dollars to 9.5 Canadian dollars on March 15.

Beacon Securities raised its target price to 14 Canadian dollars from 12.25 Canadian dollars. The firm maintained a “buy” recommendation on the stock over the next 12 month.

Analysts’ consensus

Looking at analysts’ consensus recommendations in the above chart, you can see that analysts’ consensus recommendation is a “buy.” Three analysts recommended a “strong buy,” while eight recommended a “buy.” None of the analysts had a “hold” recommendation on the stock at the time of this writing. One analyst recommended a “strong sell” on the stock.

The consensus target price for HEXO was 10 Canadian dollars. Compared to the closing of 8.1 Canadian dollars on March 15, there’s an upside of 24.2 Canadian dollars.

HEXO’s peers (HMMJ) including Aurora Cannabis (ACB), Canopy Growth (WEED), and Aphria (APHA) all had a “buy” recommendation as of March 15.

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