Canopy Growth (TSE:WEED) Rating Lowered to Hold at Alliance Global Partners

Canopy Growth (TSE:WEEDGet Rating) was downgraded by investment analysts at Alliance Global Partners to a “hold” rating in a research report issued to clients and investors on Friday, Stock Target Advisor reports. They currently have a C$8.00 price objective on the stock. Alliance Global Partners’ target price suggests a potential upside of 6.52% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Cfra reiterated a “hold” rating and issued a C$10.00 price target on shares of Canopy Growth in a research note on Wednesday, February 9th. CIBC dropped their price target on Canopy Growth from C$9.00 to C$6.50 and set an “underperform” rating on the stock in a research note on Thursday. Canaccord Genuity Group dropped their price target on Canopy Growth from C$12.00 to C$10.00 in a research note on Thursday, February 10th. MKM Partners dropped their price target on Canopy Growth from C$28.00 to C$17.00 and set a “buy” rating on the stock in a research note on Tuesday, February 8th. Finally, Bank of America decreased their price objective on Canopy Growth from C$10.00 to C$8.50 and set an “underperform” rating for the company in a report on Thursday, April 7th. Six equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of C$12.18.

Shares of WEED opened at C$7.51 on Friday. Canopy Growth has a 1-year low of C$6.29 and a 1-year high of C$32.60. The company has a market cap of C$2.96 billion and a price-to-earnings ratio of -5.58. The company’s fifty day simple moving average is C$8.20 and its 200 day simple moving average is C$10.56. The company has a current ratio of 8.31, a quick ratio of 6.45 and a debt-to-equity ratio of 39.26.

About Canopy Growth (Get Rating)

Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, CraftGrow, and Foria brand names.

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