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GrowGeneration Opens Two Hydroponic Garden Centers in Los Angeles County; Shares Rise 4.1%
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GrowGeneration Opens Two Hydroponic Garden Centers in Los Angeles County; Shares Rise 4.1%

Shares of specialty retail hydroponic and organic gardening stores operator GrowGeneration Corp. (GRWG) rose 4.1% on Wednesday after the company announced the opening of two new hydroponic garden centers in Los Angeles County, California.

Notably, one store will be in the downtown LA location and the other near the ports of Long Beach. The store in the downtown LA location will span an area of about 52,000 square feet.

“Our 70,000 square foot location, near the ports of Long Beach, will help us expand our private label business operating as a distribution center for our West region locations,” the company said in a release. (See GrowGeneration stock chart on TipRanks)

Last month, Stifel Nicolaus analyst W. Andrew Carter reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $67 to $50, which implies upside potential of 85.9% from current levels.

According to the analyst, the company’s growth visibility in the burgeoning cannabis category gives it a strong footing. However, the muted guidance for full-year 2021 with just a $5M increase in the revenue outlook remains a cause of concern for the company.

Consensus among analysts is a Strong Buy based on 5 unanimous Buys. The average GrowGeneration price target of $56.60 implies upside potential of 110.5% from current levels. Shares have gained 64.2% over the past year.

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