PI Financial Downgrades Canopy Growth (CGC) to Hold

Canopy Growth (CGC) received a Hold rating and a C$30.00 price target from PI Financial analyst Jason Zandberg today. The company’s shares closed last Monday at $21.94.

According to TipRanks.com, Zandberg is a 3-star analyst with an average return of 5.6% and a 32.0% success rate. Zandberg covers the Healthcare sector, focusing on stocks such as Trulieve Cannabis, Aurora Cannabis, and Columbia Care.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Canopy Growth with a $24.14 average price target, representing a 8.0% upside. In a report issued on February 5, Oppenheimer also reiterated a Hold rating on the stock.

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Based on Canopy Growth’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $91.64 million. In comparison, last year the company had a net profit of $51.17 million.

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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.

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