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.
United Rentals (URI) expects its strong business momentum to continue in 2019. The company reaffirmed its forecast for 2019.
Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.
The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.
Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.
Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.
As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.
Kimberly-Clark (KMB) stock has risen 20.5% this year, boosted by the company’s better-than-expected sales and earnings during its last reported quarter. However, its stock could stop climbing. Here's why.