After Cantor Fitzgerald and Beacon gave Cresco Labs (Other OTC: CRLBF) a Buy rating last month, the company received another Buy, this time from Canaccord Genuity. Analyst Derek Dley maintained a Buy rating on Cresco Labs today and set a price target of C$11.50. The company’s shares closed last Monday at $4.36.
According to TipRanks.com, Dley is a 4-star analyst with an average return of 3.1% and a 54.3% success rate. Dley covers the Consumer Goods sector, focusing on stocks such as Alimentation Couche Tard, Canadian Tire, and Primo Water.
Currently, the analyst consensus on Cresco Labs is a Strong Buy with an average price target of $10.54, representing a 143.4% upside. In a report issued on April 16, Beacon also reiterated a Buy rating on the stock with a C$24.00 price target.
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Based on Cresco Labs’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $36.21 million and GAAP net loss of $6.96 million. In comparison, last year the company had a net profit of $115K.
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Cresco Labs Inc is a Canada based company engaged in the production and sale of cannabis. The company distribute its products to dispensaries nationwide, including several dispensaries owned and operated by its team. Its product includes Reserve, Remedi, Mindy’s. All the revenues of the company were generated in the United States. It has ownership interests in Illinois, Pennsylvania, Ohio, California, Maryland, and Arizona.
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