In a recently released analyst research report, Piper Jaffray‘s Senior Research Analyst covering packaged food, tobacco, and cannabis, Michael Lavery, just reiterated their “Overweight” buy rating on shares of Canopy Growth Corp. (TSX:WEED) (NYSE:CGC) with new guidance and the same price target.
The catalyst for Lavery’s update on guidance was the release of Canopy’s third quarter fiscal 2019 financials for the period that ended December 31, 2018.
Michael Lavery’s price target of $60 USD per share implies a potential upside of approximately 2.10% based on the last traded price of $46.12 CAD on the NYSE.
According to TheFly, “Canopy Growth reported fiscal Q3 net sales of C$83M, up 250% sequentially, driven by legal recreational use sales in Canada, Piper Jaffray analyst Michael Lavery tells investors in a post-earnings research note. He points out that the revenues were modestly below his C$87M estimate, but ahead of consensus of C$81M. The analyst consider this quarter’s momentum “to be a good step in its rampup trajectory as the Canadian adult-use market builds.” Lavery continues to estimate a $250B-$500B potential long-term global cannabis market, with a $15B-$50B near-term opportunity, and he believes Canopy is well positioned in the sector.”
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