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5 Price Target Changes Cannabis Investors Need To Know

Jan 31, 2020 • 6:33 AM EST
2 MIN READ  •  By Michael Berger
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One of the most impactful trends that we have been following in the cannabis sector is related to the activity at the broker-dealer level. When an analyst changes their rating or price target on a company, the market responds, and we find this to be significant.

2020 has already proven to be a busy year for the cannabis sector and we are barely into February. Today, we want to highlight 5 rating or price target changes that were announced in January by leading broker-dealers.

  1. January 30th : The Scotts Miracle-Gro Company (SMG) received an upgrade from SunTrust Robinson after it reported better than expected fourth quarter financial results. The broker-dealers raised the price target on Scotts to $125 from $120 and maintained a Buy rating on the provider of lawn and garden and indoor growing products.

 

  1. January 29th: Canopy Growth Corporation (WEED.TO) (CGC) received an upgrade from the Bank of Montreal (BMO). The broker-dealer upgraded the Canadian cannabis producer from Market Perform to Outperform and raised the price target to $40 from $25. The market responded favorably to the upgrade and this is an opportunity to be aware of.

 

  1. January 29th: MediPharm Labs (LABS.TO) (MEDIF) was downgraded by Canaccord Genuity after it announced plans to sue a leading Canadian cannabis producer for failure to pay. The broker-dealer cut its price target to $6.75 from $7.75 and maintained its Speculative Buy rating. Two days earlier, PI Financial cut its price target on MediPharm to $7.25 from $8.50

 

  1. January 9th: Aurora Cannabis (ACB.TO) (ACB) sent shockwaves through the cannabis market after it was downgraded by Piper Sadler. The broker-dealer downgraded the Canadian cannabis producer to Underperform from Market Perform and lowered the price target to $1 from $3

 

  1. January 8th : High Tide Inc. (HITI.CN) (HITIF) had its price target lowered to $0.40 from $0.45 by Canaccord Genuity. Following the downgrade, the Canadian cannabis retailer announced two strategic investments, and this is an opportunity that we are following.
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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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