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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