BMO upgrades Canopy Growth to Outperform on potential sentiment shift
BMO Capital analyst Tamy Chen upgraded Canopy Growth to Outperform from Market Perform with a price target of C$40, up from C$25.
Following the stock’s notable sell-off last year, driven by a suboptimal recreational product mix and industry-wide challenges, there is potential upside to Street expectations for fiscal Q3, driven by the company’s pivot into a product mix that should now be better aligned with demand,– Chen tells investors in a research note.
Even a modest beat in Q3 “could begin to shift investor sentiment on the stock,”– the analyst adds.
At the time of the publication, Canopy Growth trade at C28.39.
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