Could Canopy Growth Stock Deliver a 4X Gain? 1 Analyst Thinks So.
Yahoo Finance ·
Canopy Growth ( CGC +5.41% ) may have surged during the spring's rescheduling rally for marijuana stocks, but since then, this popular cannabis legalization play has coughed back these gains, falling back below $1 per share as I write this. Nevertheless, one sell-side analyst remains very bullish on the company's prospects. But I'm not convinced. While the analyst provides substance to back his bull case, his argument doesn't quite explain how Canopy can deliver triple-digit percentage gains from here. Currently, the average analyst price target for Canopy Growth is $1.22 per share, about 27% above its U.S. share price as I write this. An outlier of a price target paints a completely different picture of Canopy Growth and its prospects. In a June 16 research note, Roth Capital Partners' Bill Kirk reiterated his buy rating and per-share price target of 5 Canadian dollars on Canopy Growth.
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