Price target lowered
A total of 20 analysts were covering the stock in June compared to 18 in the previous month. After the company’s earnings release, the consensus price target for its stock fell to 72.3 Canadian dollars from its level of 76.7 Canadian dollars in May, representing a fall of ~5.7%—a larger correction in its price target in percentage terms than in the previous year, in which the stock’s consensus price target was gradually raised from ~40 Canadian dollars.
Canopy Growth closed at 53.3 Canadian dollars on June 21. Its current revised price target means a potential upside of ~35.6% over the next 12 months.
While Canopy Growth’s consensus price target has fallen in the current month, the consensus remains bullish on the stock, with its overall “buy” rating unchanged from the period before its earnings release. Of the 20 analysts covering the stock, four analysts have given it “strong buys” (up by one from before its earnings release), and eight have maintained “buy” ratings on the stock.
Seven analysts have “hold” ratings on the stock (up from six before the company’s earnings release), and one analyst has maintained a “sell” on the stock.
On June 21, Cronos Group (CRON) had a “hold” rating with a price target of 20.2 Canadian dollars, Aurora Cannabis (ACB) had a “buy” rating with a price target of 14.3 Canadian dollars, and Tilray (TLRY) had a “hold” rating with a price target of $82.1.