Canaccord‘s Matt Bottomley just assigned a ‘speculative buy’ rating on shares of Canopy Growth Corp. (TSX:WEED) (NYSE:CGC) (FRA:11L1) alongside a price target of $50 CAD per share, equivalent to roughly $38.03 USD. This is an upgrade from the previous hold rating issued just days ago.
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Earlier this week, Canopy Growth reported its consolidated financial results for the first quarter fiscal 2019 ended June 30, 2018. Despite missing earnings by $0.25 CAD per share, the company still beat on revenues.
Soon thereafter, the company followed up with the announcement that Constellation Brands (NYSE:STZ) (NYSE:STZ.B) is increasing its ownership interest in Canopy Growth by acquiring 104.5 million shares directly from Canopy Growth, thereby achieving approximately 38 percent ownership.
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