Stifel analyst Andrew Carter upgraded Cronos Group to Buy from Hold with a price target of C$14.00, down from C$16.50. The analyst said Cronos is “unconstrained” in its ability to invest towards a $200B global opportunity with C$2B in cash on hand and resources of Altria Group (MO), Carter told investors in a research note.
The analyst said he believes Cronos will show an “enhanced revenue growth profile” that leverages the distribution capabilities of Altria to build its U.S. CBD business and demonstrate “break-through product potential” in the Canadian vapor segment. Given the company’s “advantaged and enhanced position,
” investors should buy Cronos shares following their recent pullback”said Carter
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