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Cantor Raises Canopy Growth Target After September Quarter Print

Priya Nigam
·1 min read

Canopy Growth Corp’s (NYSE: CGC) is likely to be supported by growth in the Canadian recreation business, continued progress by the strategic units and improving profitability, according to Cantor Fitzgerald.

The Canopy Growth Analyst: Pablo Zuanic maintained a Neutral rating for Canopy Growth, while raising the price target from CA$28 to CA$29.

The Canopy Growth Thesis: Growth in the Canadian recreation business, strategic units and profitability should offset concerns around a potential slowdown in the international medical business, Zuanic said in the note.

“While recent increased reliance on the domestic value flower segment remains a concern for us, we realize the company is following a multi-pronged approach in Canada. Also, it benefits from operating several, rather profitable, non-cannabis businesses,” he wrote.

“Regardless of when cannabis becomes federally permissible in the US, we believe the company has several ways to continue to add value to the “optionality” it enjoys from its US “diversified ecosystem”,” the analyst noted.

He said that the relationship with Constellation Brands, Inc. (NYSE: STZ) goes beyond just the balance sheet.

Latest Ratings for CGC

Date

Firm

Action

From

To

Feb 2020

Stifel Nicolaus

Maintains

Buy

Jan 2020

BMO Capital

Upgrades

Market Perform

Outperform

Nov 2019

Bank of America

Upgrades

Neutral

Buy

View More Analyst Ratings for CGC
View the Latest Analyst Ratings

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