Cowen & Co. managing director and senior research analyst Vivien Azer raised her price targets for two major Canadian cannabis companies that were already assigned outperform-buy ratings. While some analyst opinions are always wrong, Azer is actually ranked 63rd overall for accuracy and returns out of 4,882 Wall Street analysts tracked on TipRanks.
Azer is in fact first senior Wall Street analyst to cover the rapidly growing marijuana sector, resulting in major coverage across periodicals such as The Economist, Barron’s and Forbes. Beyond that, Cowen & Co. is a subsidiary of Cowen Inc. (NASDAQ:COWN), which is considered to be one of the top boutique investment banks around.
Given Cowen and Ms. Azer’s market-moving impact, cannabis investors should take note of her price targets and research.
For shares of Tilray, Inc. (NASDAQ:TLRY), Azer moved her price target to $172 USD from $62 USD and kept an Outperform rating on the company. With a last traded price of $132.07 USD per share of TLRY on the NASDAQ, Azer’s new price target represents over 30% of potential upside.
Azer also raised her price target for Canopy Growth Corp. (NYSE:CGC) (TSX:WEED) to $82 CAD per share from $74 CAD and kept an Outperform rating on the company. With a last traded price of $63.96 CAD per share of WEED on the TSX, Azer’s new price target represents roughly 15.69% of potential upside.
We’ll continue to monitor analyst activity and in the meantime, be sure to subscribe to Canadian Licensed Producer Updates here and Cannabis Stock Updates here so you never miss an important update. For updates on Canopy specifically, be sure to subscribe to Canopy Growth Corp. Updates here. For updates on Tilray specifically, be sure to subscribe to Tilray Inc. Updates here.
Get Real-Time Updates from MJobserver.com