In a recently released analyst research report, GMP Securities‘s Managing Director of Equity Research for Special Situations and Healthcare, Martin Landry, just downgraded his ‘Buy’ rating on shares of Canopy Growth Corp. (TSX:WEED) (NYSE:CGC) to a ‘Hold’ with a lower price target.
Lowered from $70 CAD per share, Martin Landry’s new price target of $65 CAD per share implies a potential upside of approximately 3.48% based on the last traded price of $62.81 CAD on the TSX.
According to TheFly, “Landry downgraded Canopy Growth to Hold from Buy and lowered his price target to C$65 from C$70 following the company’s mixed results on Friday. He cites concerns about inventory availability, an unclear path to profitability and high investor expectations. Despite the company’s leadership role in the global cannabis industry, Landry believes that the shares “may need a pause before the next leg-up,” he tells investors.”
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