On April 17, Bank of America Merrill Lynch initiated coverage on Canopy Growth (WEED) (CGC) with a “buy” rating. The stock has a price target of 70 Canadian dollars (or $52). But let’s see how this compares with the consensus (MJ) view in April.
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The overall consensus rating on Canopy Growth this month is a “buy,” which was in line with Merill Lynch’s ratings. Out of 16 analysts covering the stock in the current month, three have a “strong buy” rating while six analysts had a “buy” rating on the stock for the next-12-month period. Also, six analysts had a “hold” rating on the stock, while one analyst maintained a “sell” on Canopy Growth in the current month. In the above chart, we can see that the number of analysts covering the stock has gradually increased from nine a year ago to 16 in the current month.
The consensus price target on Canopy Growth has also increased in the past year. The current consensus price target on the stock stood at 73 Canadian dollars, which was slightly higher than Merill Lynch’s target. The consensus price target was slightly lower last month at 73.3 Canadian dollars. Yesterday, Bank of America Merrill Lynch also initiated coverage on Cronos Group (CRON) with an “underperform” rating, while Aurora Cannabis (ACB) received a “buy” rating. Read ACB, CRON, and CGC Get Ratings Coverage from BofA Merrill Lynch.