In a recently released analyst research report, PI Financial Corp.‘s equity analyst, Devin Schilling, just reiterated their buy rating on shares of Canopy Rivers Inc. (TSXV:RIV) (OTC:CNPOF) with a price target that suggests RIV could more than double.
Devin Schilling’s price target of $9.00 CAD per share implies a potential upside of approximately 125.56% based on the last traded price of $3.99 CAD on the TSXV.
Following Canopy Rivers’ recent win regarding the licensing of Spot Therapeutics Inc., Schilling remains bullish as he expects royalties to commence later this year.
According to Schilling, “This licensing milestone represents continued progress from Canopy River’s portfolio holdings. The new long-term income stream from Spot provides additional financial resources to deploy into new investment opportunities or provide follow-on capital to the existing portfolio. With limited operating expenditures this royalty is largely expected to flow to the bottom line.”
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