Canopy Growth (WEED)(CGC) has been one of the most-watched stocks among investors and analysts alike. The company has been one of the early movers in the cannabis sector (MJ), and it currently has a market capitalization of $16.4 billion. Compare this size to Tilray (TLRY), which has a market cap of about $6.9 billion, and CannTrust (CTST), which has a market cap of $959 million as of March 13. Now let’s look at analysts’ recommendations and price targets for Canopy Growth in March.
The overall consensus recommendation for Canopy Growth in March remains a “buy,” largely unchanged from last month. From the above chart, you can see that the number of analysts covering the stock has increased. Of the 15 analysts covering the stock in March, two have a “strong buy” rating and six have a “buy” rating on the stock. Also, six analysts have a “hold” rating on Canopy Growth while one analyst recommends a “sell.”
Aurora Cannabis (ACB) also has a consensus “buy” recommendation, with a price target of 14.3 Canadian dollars.
The current consensus mean price target for Canopy Growth was 70.5 Canadian dollars, which increased from 69.7 Canadian dollars in February. The median price target stood at 70 Canadian dollars, unchanged from last month.
Canopy Growth closed at 61.4 Canadian dollars on March 13, which would leave an upside of 15% on the stock.
Next in this series, we’ll discuss Tilray’s ratings.
CannTrust (CTST) has been performing strongly since it began trading on the New York Stock Exchange on February 25.
Hibbett Sports (HIBB) stock surged 22.3% as of 1:54 PM ET today as the company reported impressive results for fiscal 2019's fourth quarter, which ended on February 2.
Wall Street analysts expect a potential upside of 21.63% for Alexion Pharmaceuticals based on the stock's closing price on March 21.
Today, we got another round of dismal data points from Europe (VGK)(EZU). According to a Markit survey, Germany’s (EWG) March PMI Composite Output Index fell to a 69-month low of 51.5.
On March 21, US crude oil’s implied volatility was 24.9%, which was 6.7% below its 15-day average. Usually, lower implied volatility supports oil prices.
The overall cannabis sector took a hit today amid the broader market's declines. The volatility index (VIX) jumped 17.9%, and the cannabis sector is more sensitive than the market.
The tech-heavy NASDAQ Composite Index (QQQ) is on track to post its 12th weekly gain in 13 weeks.