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Cowen & Co. Keeps Their Buy Rating on Canopy Growth (WEED)


Canopy Growth (TSX: WEED), the Consumer Goods sector company was revisited on October 9, and remains undervalued for at least one analyst on the street. On October 9, analyst Vivien Azer gave a Buy rating to WEED and set a C$82 price target.

According to TipRanks.com, Azer is a top 100 analyst with an average return of 30.8% and a 69.7% success rate. Azer covers the Consumer Goods sector, focusing on stocks such as Monster Beverage Corp, Keurig Dr Pepper Inc, and Turning Point Brands.

Read also: Why This Analyst Just Threw Cold Water on New Age Beverages (NBEV) Stock

Canopy Growth has an analyst consensus of Moderate Buy, with a price target consensus of C$63.30, representing a 3.3% upside. In a report issued on September 25, Benchmark Co. also initiated coverage with a Buy rating on the stock with a C$100 price target.

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Based on Canopy Growth’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of C$80.28 million. In comparison, last year the company had a GAAP net loss of C$1.34 million.

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 Thursday at C$61.29.