In a recently released analyst research report, CIBC Capital Markets equity analyst, Robert Catellier, downgraded his rating on shares of HEXO Corp. (TSX:HEXO) (NYSE:HEXO) from Outperform to Neutral with a price target that still suggests a little upside to come.
This analyst guidance comes on the heels of HEXO Corp.’s recent announcement that its affiliate, HEXO MED S.A. received a medical cannabis installation license. The license, issued by the Greek government, will allow HEXO MED to establish cultivation, processing and manufacturing facilities in the region of Thessaly, Greece.
Dropped from $9.50 CAD per share, Robert Catellier’s new HEXO stock price target of $8.50 CAD per share implies a potential upside of approximately 13.79% based on the last traded price of $7.47 CAD per share on the Toronto Stock Exchange.
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