19 Feb

PI Financial, CIBC, Cormark Upgrade Canopy Growth Price Targets

WRITTEN BY Adam Jones FEATURED IN Wall Street Ratings

Price target upgrades

Canopy Growth (WEED)(CGC) was gaining in the early morning session with a 2.5% change as of 9:43 AM ET after the company received price target upgrades.

PI Financial, CIBC, Cormark Upgrade Canopy Growth Price Targets

Firms that upgraded

Yesterday, Canaccord Genuity upgraded its Canopy Growth price target to 70 Canadian dollars from its previous 50 Canadian dollars, which translated into a nearly 40% increase.

Early this morning, three more firms upgraded their price targets. CIBC Research upgraded its price target to 75 Canadian dollars from 65 Canadian dollars, representing an increase of 15%.

Cormark Securities upgraded its price target to 65 Canadian dollars from 40 Canadian dollars, representing a 62.5% increase. PI Financial raised its price target for Canopy to 70 Canadian dollars from 60 Canadian dollars, representing a 16.7% increase.

On average, the price target upgrades from these four firms rose nearly 30% to ~70 Canadian dollars, which would represent a 12% upside from Canopy Growth’s current price target of 62.5 Canadian dollars this morning.

Early this morning, Cronos Group (CRON) was trading nearly 1.3% higher, Aphria (APHA) was trading about 1% higher, and Aurora Cannabis (ACB) was flat.

To see how Canopy Growth’s price target compares with peers and what the consensus (HMMJ) recommends for the stock, check out Canaccord Genuity Raises Price Target for Canopy Growth.

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