Canopy Growth (WEED) (CGC) has been among the strongest cannabis bets for investors. In the past few months, more analysts have initiated coverage on the stock. In May, one more analyst initiated coverage on the stock. Overall, 18 analysts are providing coverage on the company. More analysts increased Canopy Growth’s transparency, which boosts investors’ confidence.
The current consensus rating for Canopy Growth is a “buy.” Among the 18 analysts, three recommended a “strong buy” on the stock. Aurora Cannabis (ACB) and CannTrust (CTST) had a consensus “buy” rating in May, while Cronos Group (CRON) had a consensus “sell” rating.
Eight analysts have a “buy” rating on Canopy Growth, which increased from seven analysts a month ago. Six analysts have a “hold” rating on the stock in May. One analyst maintained a “sell” rating on the stock in May.
As of May 21, the consensus target price on Canopy Growth was 76.7 Canadian dollars, which would leave an upside of ~27% from the closing price of 60.3 Canadian dollars on May 21. On May 21, the Horizons Marijuana Life Sciences ETF (HMMJ) gained ~0.85%, while Canopy Growth closed 0.47% higher.