In a recently released analyst research report, Bank of America Merrill Lynch equity research analyst, Christopher Carey, reiterated his buy rating on shares of international cannabis giant Canopy Growth Corp. (TSX:WEED) (NYSE:CGC) with a price target that suggests some noteworthy upside to come.
This analyst update comes just over a week before Canopy Growth Corp. is expected to report its financial results for the fourth quarter and fiscal year ended March 31st, 2019 after financial markets close on June 20th, 2019.
Christopher Carey’s price target of $80.00 USD per share implies a potential upside of approximately 82.82% based on the last traded price of $43.76 USD per share on the NYSE.
According to Benzinga, “Carey recently met with management from Acreage to discuss the deal with Canopy and what it means for the company’s U.S. strategy. Shareholders from both companies will vote to approve the deal in a special meeting scheduled for June 19. If the deal is approved, Canopy will pay $300 million in cash to Acreage for the exclusive right to acquire the company if and when the U.S. ultimately legalizes cannabis nationwide.”
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