In a report released today, Rupesh Parikh from Oppenheimer maintained a Buy rating on HEXO Corp (HEXO), with a price target of $7. The company’s shares opened today at $6.18.
Parikh observed:
“We overall view the FQ2:19 results, new credit facility, and M&A announcement to acquire Newstrike Brands as positive steps toward HEXO’s efforts to become a leading player. On 3/13, the company announced plans to acquire a transaction valued at $263M. As we detailed in our initiation report titled, A Industry, modeling cannabis companies remains inherently challenging shorter-term. Overall, the Q2 delivery met our expectations, and management appeared very bullish on delivering its new FY20 revenue target of $400M inclusive of Newstrike. We believe investors should continue to focus on elements to drive a longer-term build, as it’s difficult to model the shorter-term ramp. Please see our initiation report for our latest views.”
According to TipRanks.com, Parikh is a 5-star analyst with an average return of 15.6% and a 65.9% success rate. Parikh covers the Services sector, focusing on stocks such as Blue Apron Holdings Inc, United Natural Foods, and Wal-Mart Stores Inc.
The word on The Street in general, suggests a Hold analyst consensus rating for HEXO Corp with a $7 average price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $7.17 and a one-year low of $2.64. Currently, HEXO Corp has an average volume of 1.62M.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
HEXO Corp. engages in the manufacture, production, and distribution of medicinal marijuana. It offers products through the Time of Day, H2, Decarb, and Exlixir No. 1 brands. The company was founded by Sébastien St. Louis and Adam Miron on August 13, 2013 and is headquartered in Gatineau, Canada.
Read More on HEXO:
