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3 Canadian Licensed Producers With Price Target Downgrades You Need To Know

Oct 16, 2019 • 11:08 AM EDT
2 MIN READ  •  By Anthony Varrell
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Yesterday, the cannabis sector recorded one of its best trading days of the year and this comes after Aphria (APHA.TO) (APHA), a leading Canadian Licensed Producer (LP), released first quarter financial results.

One of the reasons why this move caught our attention is because it comes after the cannabis sector has been under heavy pressure. During this time, Canadian LPs such as Aphria have been some of the most impacted and we will monitor how the sector trades from here.

During the last month, leading broker-dealers that cover the Canadian industry have issued a series of price target changes and have significantly lowered the average price target of cannabis companies. Today, we have highlighted some of the recent price target changes on Aphria (APHA.TO) (APHA), Canopy Growth Corp. (WEED.TO) (CGC), and Aurora Cannabis Inc. (ACB.TO) (ACB).

Aphria (APHA.TO) (APHA)

  • Aphria: Eight Capital lowered its price target to $9 from $11 (CAD) on October 16th
  • Aphria: CIBC lowered its price target to $6.50 from $7 (CAD) on October 15th
  • Aphria: Canaccord Genuity lowered its price target to $14 from $16 (CAD) on October 11th
  • Aphria: PI Financial lowered its price target to $9 from $14 (CAD) on October 11th
  • Aphria: Jeffries lowered its price target to $11 from $15 (CAD) on October 10th

Canopy Growth Corp. (WEED.TO) (CGC)

  • Canopy Growth: PI Financial lowered its price target to $35 from $50 (CAD) on October 11th
  • Canopy Growth: Jeffries lowered its price target to $25 from $77 (CAD) on October 10th
  • Canopy Growth: CIBC lowered its price target to $45 from $50 (CAD) on October 3rd
  • Canopy Growth: Compass Point lowered its price target to $24 from $32 (USD) on October 2nd
  • Canopy Growth: MKM Partners initiates coverage with a price target of $33 (CAD) on September 19th

Aurora Cannabis Inc. (ACB.TO) (ACB)

  • Aurora Cannabis: MKM Partners lowered its price target to $3.50 from $5 (CAD) on October 14th
  • Aurora Cannabis: PI Financial lowered its price target to $7 from $12 (CAD) on October 11th
  • Aurora Cannabis: Jeffries lowered its price target to $7 from $14 (CAD) on October 10th
  • Aurora Cannabis: CIBC initiates coverage with a price target of $7 (CAD) on September 23rd

Currently, these three Canadian LPs are trading well below the average price target issued by the listed broker-dealers. Going forward, we will be keeping an eye on how the market respond to Canopy and Aurora’s quarterly financial results. We expect the market’s response to play a key role in how the cannabis sector performs over the near term and expect these three companies to have a significant impact on the sector.

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Authored By

Anthony Varrell

Anthony Varrell is Managing Director of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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