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PRO: Canaccord Genuity Downgrades TGOD to a Hold

Steven Lachard by Steven Lachard
March 21, 2019
in Analyst Action, Canada, Investments, Marijuana Stocks, PRO, Trading
Bullish and Bearish Wall Street Analysts on Marijuana Stocks

Photo Credit - Dion Hinchcliffe via Flickr

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In a recently released analyst research report, Canaccord Genuity‘s Equity Research Analyst, Derek Dley, just downgraded his rating on shares of The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) (OTC:TGODF) from a Speculative Buy to a Hold rating with a lowered price target.

This downgrade comes just one day after TGOD reported its financial and operational results for the fiscal year ended December 31st, 2018.

Why Dley Dropped His TGOD Price Target

While the company Ended the year with a strong balance sheet and liquidity, including $263.5 million of cash and restricted cash to continue to fund its facilities expansion and international growth, Dley is worried that “delays in production will delay profitability.”

Derek Dley’s new price target of $5.00 CAD per share implies a maximum potential upside of approximately 4.82% based on the last traded price of $4.77 CAD per share of TGOD on the TSX. The $5.00 CAD price target was a significant drop from his former Speculative Buy rating and price target of $6.50 CAD per share.

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Tags: Canaccord Genuity Corp.Derek Dleylicensed producerOTC:TGODFThe Green Organic Dutchman Holdings Ltd.TSX:TGOD

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Steven Lachard

Steven Lachard

Steven Lachard is a staff writer for MJobserver.com with a particular focus on marijuana stocks. Beyond MJobserver.com, Steven's pot stock insights have been featured on TalkMarkets.com and more.

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