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Major Broker Dealers Are Readjusting Cannabis Price Targets Across The Board

Aug 11, 2021 • 7:01 AM EDT
2 MIN READ  •  By Michael Berger
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Earnings season has kicked into high gear and we are highly focused on the performance of leading cannabis companies. Now that several cannabis companies trade on big-board stock exchanges in the US and are valued at more than $1 billion, more Wall Street firms have been covering the sector and this is a trend that we are favorable on. 

During the last few weeks, several leading North American cannabis companies have reported earnings. Following the earnings reports, broker-dealers changed price targets on the cannabis companies that they cover and we want to highlight 5 operators that have been impacted by this. 

After Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) reported quarterly financial results, a few broker-dealers issued new price targets on the operator.  The changes include:

  1. Canaccord Genuity lowered its price target to C$25 from C$30
  2. CIBC lowered its price target to C$27 from C$30
  3. Piper Sandler lowered its price target to $19 from $24
  4. Stifel lowered its price target on Canopy Growth to C$18 from C$21

Cronos Group Inc. (TSX: CRON) (Nasdaq: CRON) reported quarterly financial results on the same day as Canopy Growth and the following broker-dealers issued new price targets on the Canadian cannabis producer after the earnings report:

  1. Stifel lowered its price target to $7 from $7.50
  2. Canaccord Genuity lowered its price target to C$7 from C$7.5
  3. MKM Partners lowered its price target to C$11 from C$12

A few weeks ago, Tilray, Inc. (TSX: TLRY) (Nasdaq: TLRY) reported fourth quarter financial results and this was its first earnings report following the completion of the merger with Aphria. After the report, the following broker-dealers issued new price target on Tilray: 

  1. Alliance Global Partners lowered its price target to $17 from $18 
  2. Stifel lowered its price target to $14 from $16
  3. Jefferies raised its price target to $27 from $23

Last week, Scotts Miracle-Gro (Nasdaq: SMG) reported third quarter earnings and several Wall Street broker-dealers lowered its price target after the report. We find this trend to be significant and have highlighted the firms that slashed its price target on Scotts below:

  • UBS lowered its price target to $217 from $225
  • JP Morgan lowered its price target to $173 from $198
  • Raymond James lowered its price target to $230 from $250
  • CFRA lowered its price target to $187 from $234
  • Stifel its price target to $210 from $220

In early August, several broker-dealers raised their respective price targets on Innovative Industrial Properties, Inc. (NYSE: IIPR) after it released second quarter financial and we have highlighted the changes below:

  1. Piper Sandler raised its price target to $250 from $230
  2. Compass Point raised its price target to $265 from $220
  3. Craig-Hallum raised its price target to $240 from $175

If you are interested in learning about cannabis companies that have Wall Street coverage, please send an email to support@technical420.com with the subject “North American Cannabis Companies” to be added to our distribution list. 

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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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