In a latest note to investors, a research analyst has provided a rating update for the Consumer Goods sector company, Canopy Growth (TSX: WEED). Today, analyst Matt Bottomley gave a Hold rating to WEED and set a C$34 price target.
Bottomley commented:
“We believe this sizable investment clearly confirms Constellation’s commitment to growing out a global cannabis platform with Canopy. We previously believed its initial ~C$250M investment made last year for 9.9% of the company may have been a hedge against cannabis cannibalizing alcohol sales in the years to come; however, with a potential controlling stake in the works, Constellation is committed to providing a substantial amount of capital to increase Canopy’s already leading position in Canada, and now potentially the world stage.”
According to TipRanks.com, Bottomley is ranked #435 out of 4857 analysts.
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The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Canopy Growth with a C$39.50 average price target.
Canopy Growth’s market cap is currently C$6.41B and has a P/E ratio of 0. The company has a Price to Book ratio of 5.53.
Canopy Growth Corp. engages in the production and sale of medical cannabis. The company offers products including oils and concentrates, soft gel capsules, and hemp. It focuses on the treatment of chronic pain, seizures, muscle spasms, nausea, and loss of appetite.
The company’s shares closed on Wednesday at C$40.76.
