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PRO: GMP Securities Raises Price Target for Canopy Growth on Acreage Deal

Steven Lachard by Steven Lachard
April 23, 2019
in Analyst Action, Investments, Marijuana Stocks, PRO, Trading
John Boehner Joined the Board of Direcotrs at Acreage Holdings Inc.

Photo Credit - Gage Skidmore via Wikimedia

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In a recently released analyst guidance update, GMP Securities‘ Managing Director of Equity Research for Special Situations and Healthcare, Martin Landry, upgraded his rating on shares of Canopy Growth Corp. (TSX:WEED) (NYSE:CGC) (FRA:11L1) from a hold to a buy.

Landry’s update comes just days after Canopy announced that it would buy Acreage Holdings Inc. (CSE:ACRG.U) (OTC:ACRGF) once cannabis is legalized in the United States.

Regarding the Acreage deal, Landry noted that “there is a high likelihood that federal legalization occurs within the 90-month expiry clause. Hence, we are reflecting Acreage in our valuation (but not in our forecasts). We believe this combination makes Acreage much more valuable than as a standalone.”

Slightly higher than Merrill Lynch analyst Christopher Carey’s price target, and way higher than his prior price target of $65.00 CAD per share, Martin Landry’s new price target of $72.00 CAD per share implies a potential upside of approximately 11.73% based on the last traded price of $64.44 CAD per share on the TSX.

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Tags: Acreage Holdings Inc.Canopy Growth Corp.CSE:ACRGCSE:ACRG.UGMP SecuritiesMartin LandryNYSE:CGCOTC:ACRGFTSX:WEED

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Steven Lachard

Steven Lachard

Steven Lachard is a staff writer for MJobserver.com with a particular focus on marijuana stocks. Beyond MJobserver.com, Steven's pot stock insights have been featured on TalkMarkets.com and more.

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