In a recently released analyst research report, Canaccord Genuity Corp. Equity Research Analyst Matt Bottomley just downgraded his rating on shares of Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON) from a Hold to a Sell with a bearish price target to the downside.
This analyst update comes just after Cronos announced financial results for the fourth quarter and full year ended December 31st, 2018. On a top-line basis, Cronos Group’s Q4 was a disappointment. Wall Street analysts surveyed by FactSet were expecting revenues of $10.4 million CAD, but Cronos only “logged fourth-quarter gross sales of C$5.6 million.”
While Wall Street analysts were expecting losses of $-0.01 on an EPS basis, they were not expecting losses of $11.8 million CAD, equivalent to losses of just over $8.81 million USD, which amounted to $-0.06 per share.
Matt Bottomley’s new price target of $17.00 CAD per share implies a potential downside of approximately 30.10% based on the last traded price of $24.32 CAD on the TSX.
PI Financial Corp. equity analyst, Jason Zandberg, CFA, also just downgraded his rating on shares of Cronos Group Inc. to a neutral hold rating.
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