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HEXO’s Target Price Gets an Upgrade in May

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HEXO has outperformed

Investors closely following the cannabis industry know that HEXO (HEXO) is one of the best-performing stocks in the sector. The company has returned ~87% since the start of this year, and it’s continued to hold onto its gains even amid the weakness in the sector.

Let’s look at the analysts’ consensus ratings on the stock along with its price target.

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Analysts’ ratings

Analysts’ consensus rating for HEXO in the current month is a “buy.” Four analysts have given it “strong buy” ratings, while eight have given it “buys.” One analyst has a “hold” on the stock, and one has given it a “sell.” HEXO’s peer Cronos Group (CRON), on the other hand, has a consensus “sell” rating in May, while Canopy Growth (WEED) and Aurora Cannabis (ACB) both carry consensus “buy” ratings.

Target price

HEXO has seen its consensus target price rise to 10.7 Canadian dollars this month from 10.3 Canadian dollars last month, translating to a 3.9% increase. HEXO closed at 8.9 Canadian dollars on May 23, indicating a potential upside of 19%. The Horizons Marijuana Life Sciences ETF (HMMJ) has returned ~35% so far in 2019.

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