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Aurora Cannabis Gets A Major Price Target Upgrade From Stifel

Jun 24, 2020 • 7:42 AM EDT
2 MIN READ  •  By Michael Berger
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During the last year, the Canadian cannabis sector has lost some of its momentum as leading operators have decided to close down facilities and reduce headcount in an effort to cut costs and improve the burn rate.

Although cannabis was declared an essential industry during the COVID-19 shutdown and there was a spike in the amount of cannabis being purchased in Canada, the spread of the virus has not proved to be a catalyst for leading cannabis producers and this is a trend that our readers need to be aware of.

During the last month, several leading Canadian cannabis producers were downgraded by high-profile and this is a development that caught our attention. Going forward, we believe that the Canadian cannabis industry is poised to bounce back and remain bullish on the long-term opportunity that is associated with the sector.

Today, we have highlighted some of the recent price target changes from top broker-dealers for 3 leading Canadian cannabis producers. We find these changes to be significant and believe that our readers should be aware of this trend.

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

  • June 24th: Stifel raised its price target to $17.50 from $6.20
  • June 23rd: Canaccord Genuity lowered its price target to $21 from $24
  • May 22nd: CIBC raised its price target to $24 from $14
  • May 21st: Jeffries raised its price target to $14 from $12
  • May 19th: MKM Partners raised its price target to $18 from $12
  • May 19th: CIBC lowered its price target to $14 from $27
  • May 18th: Canaccord Genuity lowered its price target to $24 from $27

HEXO Corporation (HEXO.TO) (HEXO)

  • June 16th: Jeffries raised its price target to $0.75 from $0.50
  • June 15th: Cormark Securities raised its price target to $1.25 from $1.15
  • June 12th: Stifel raised its price target to $1.10 from $0.55
  • June 12th: Eight Capital lowered its price target to $0.90 from $1.15
  • June 12th: MKM Partners raised its price target to $1.10 from $1.00
  • June 12th: CIBC raised its price target to $1.00 from $0.75
  • June 11th Alliance Global raised its price target to $2.50 from $1.50

Canopy Growth Corporation (WEED.TO) (CGC)

  • June 10th: Piper Sadler lowered its price target to $23 from $24 (USD)
  • June 2nd: Cowen and Company lowered its price target to $27 from $35
  • June 1st: Stifel lower its price target to $18 from $22
  • June 1st: Benchmark lowered its price target to $27 from $33
  • May 31st: Canaccord Genuity lower its price target to $21 from $33
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Authored By

Michael Berger

Michael Berger is Managing Partner 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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