|Bid||42.58 x 0|
|Ask||42.72 x 0|
|Day's Range||42.17 - 45.23|
|52 Week Range||12.96 - 71.60|
|Beta (5Y Monthly)||2.23|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 09, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||47.27|
Jefferies' Owen Bennett lowered his rating on Canopy Growth to Underperform from Hold, though he upped his price target to $23.03 from $21.10.
Innovative Industrial Properties, a pot-focused REIT, reported Q4 results after the close Wednesday that missed estimates.
Jefferies analyst Owen Bennett downgraded Canadian cannabis company Canopy Growth Corp. stock to underperform from hold on Wednesday, and said the stock is too expensive at its current level. "Bulls will argue Canopy's multiple is deserved given possible near term US entry," Bennett wrote in a note to clients. "While its US optionality is the best among Canadian names, it is still too expensive for us." Canopy has an option to acquire U.S. multistate operator Acreage Holdings Inc. , that will be triggered in the event of a change in U.S.' strict cannabis laws. However, Canopy is still loss-making and so is Acreage, wrote Bennett. At the same time, the fundamental outlook for other U.S. incumbents is "far superior." "These are a better way to play US reform," said the analyst. "Canopy's current (US adj.) multiple is 16.6x vs the big US player avg. 5.4x. " Cannabis stocks have been rallying onhopes for U.S. reforms under the new administration, which is deemed to be far more cannabis-friendly than the last one. Canopy shares were up 2.6% premarket, and have gained 74% in the last 12 months, while the Cannabis ETF has gained 87% and the S&P 500 has gained 16%.