After a 60% drop in 6 months, Bank of America says buy pot stock Canopy

CNBC 2 weeks ago

With shares down more than 60% over the last six months, it's tough to remain pessimistic on marijuana grower Canopy Growth, according to Bank of America Merrill Lynch.

The brokerage upgraded the Canadian cannabis producer to buy from neutral on Wednesday and told clients that the stock's 2019 swoon has tempered valuation and earnings estimates to more reasonable levels.

"Street estimates [are] achievable (even beatable) for maybe the first time in Canopy's history as a public company," analyst Christopher Carey wrote in a note. With leaner channel inventory and improving retail data ahead, "a bear case based on multiple compression and to a certain extent cash burn (despite still years of cash) seems less robust now."


Source link
Read also:
Business Insider › Finance › 3 weeks ago
Canopy Growth, the Canadian cannabis company, reported second-quarter fiscal 2020 earnings Thursday that missed analyst expectations. Shares fell as much as 17.57% Thursday following the report. Canopy Growth has struggled to make gains following...
Chicago Tribune › Finance › 3 weeks ago
Canopy Growth Corp. shares fell to the lowest in nearly two years after the pot company reported revenue that missed the lowest analyst estimate. Shares fell as much as 18%.
The Boston Globe › 3 weeks ago
Canopy Growth Corp. shares fell to the lowest in nearly two years after the pot company reported revenue that missed the lowest analyst estimate and a loss that one analyst called ‘‘astounding.’’
Business Insider › Lifestyle › 6 days ago
Instant Pot Cyber Monday deals include some of the lowest prices ever for our favorite multi-cooker. We'll be updating this page regularly so keep checking back. The absolute best Instant Pot deal we found is the 6-quart Instant Pot Duo, available at...
Business Insider › Finance › 2 months ago
Constellation Brands, the company behind Corona and Modelo beer, posted second quarter earnings that largely beat expectations but revealed a $484 million loss on an investment in Canopy Growth, a cannabis company. Shares fell as much as 8% on the news...
Reuters › Finance › 2 months ago
Constellation Brands Inc slid to a loss in the second quarter as the maker of Corona and Modelo beers booked millions of dollars in losses from its investment in pot company Canopy Growth Corp .
Business Insider › Finance › 2 months ago
Bruce Linton, the former Canopy Growth CEO, is pursuing a number of new ventures, both inside and outside of the cannabis space. He'll be taking on new positions as the executive chairman of Gage Cannabis Co., a Michigan dispensary chain; special...
One America News Network › Finance › 1 month ago
(Reuters) - Cannabis producer Canopy Growth Corp said on Thursday it appointed top shareholder Constellation Brands Inc's chief financial officer, David Klein, as chairman of
Washington Times › 1 month ago
Cleveland's mayor has announced a commitment of up to $1 million every year for the next 10 years to replenish the city's tree canopy.
CNBC › 0 month ago
Canopy Growth has entered into agreements with Canadian rapper Drake to launch the More Life Growth Company, which will be a fully licensed producer of cannabis based in Drake's hometown of Toronto.
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR