In a recently released analyst research report, Merrill Lynch equity research analyst, Christopher Carey, downgraded his rating on shares of Canopy Growth Corp. (TSX:WEED) (NYSE:CGC) from Buy to Neutral with a price target that is half of what it once was.
Slashed from $46.00 USD per share, Christopher Carey’s price target of $27.00 USD per share still implies a potential upside of approximately 12.73% based on the last traded price of $23.95 USD per share in the NYSE pre-market session.
According to TheFly, “While he still sees Canopy as a long-term leader in the cannabis industry, he thinks Canada industry growth is set to pause in the second half and potentially flatten, which he thinks could also be the case with Canopy.”
Carey, who sees too much risk in CGC stock until the dust settles, also worries that vaping-related worries could keep downward pressure on the cannabis sector in the short-term.
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