Piper Sandler Downgrades Canopy development Corp.

In a recently released analyst research report, Piper Sandler Senior Research Analyst addressing packed meals, tobacco, and cannabis, Michael Lavery, downgraded their perspective on stocks of Canopy development Corp. (TSX:WEED) (NYSE:CGC) from Overweight to Neutral with a cost target that implies some downside that is serious come.

This downgrade comes a after Canopy announced that its Canopy Animal Health division has launched a line of CBD products for dogs.

Michael day Lavery’s cost target of $27.00 USD per share implies a potential drawback of around 37.95% on the basis of the last traded cost of $43.51 USD per share in the NYSE pre-market.“Canopy shares are up 215% since October, likely driven by enhancing belief around cannabis and possibility of U.S. legalization following elections, Lavery informs investors in an investigation note. The organization presently trades at 21 times estimated 2022 sales, claims the analyst, who maybe not see further upside to valuation predicated on basics. Federal legalization of cannabis within the U.S. could nevertheless be 2 yrs away, Lavery adds,” reports


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