In a recently released analyst research report, Canaccord Genuity Equity Research Analyst Matt Bottomley reiterated his Speculative Buy rating on shares of international cannabis company Aurora Cannabis Inc. (TSX:ACB) (NYSE:ACB) with a higher price target.
This updated guidance comes just days after Aurora Cannabis was selected by the German Bundesinstitut für Arzneimittel und Medizinprodukte BfArM (Federal Institute for Drugs and Medical Devices) as one of three winners in the public tender to cultivate and distribute medical cannabis in Germany.
Inched up from $13.00 CAD per share, Matt Bottomley’s new Aurora Cannabis price target of $13.50 CAD per share implies a potential upside of approximately 12.31% based on the last traded price of $12.02 CAD on the TSX.
According to Benzinga, Bottomley is bullish on the German announcement. “We believe Aurora’s receipt of this license adds incremental legitimacy to the overall international optionality secured by the company as of late,” Bottomley wrote in his research update.
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