In a recently released analyst research report, Oppenheimer & Co.‘s Senior Equity Research Analyst, Rupesh Parikh, just initiated coverage on shares of HEXO Corp. (TSX:HEXO) (NYSE:HEXO) with an “Outperform” buy rating and a high price target.
Rupesh Parikh’s new price target of $7.00 USD per share implies a potential upside of approximately 25.67% based on the last traded price of $5.57 USD on the NYSE.
According to TheFly, “The analyst overall looks favorably upon the early efforts by the HEXO management team in developing a foundation to become a leading global CPG player within the cannabis category. Given the significant uncertainty on the developing competitive and regulatory backdrop, Parikh views his recommendation and an investment in the space as more speculative in nature, at least compared to other CPG verticals.”
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