Canopy Growth price target lowered to $1 from $2 at Piper Sandler

Piper Sandler analyst Michael Lavery lowered the firm’s price target on Canopy Growth to $1 from $2 and keeps an Underweight rating on the shares. Canopy’s sales trends remain pressured, and PIper’s BioSteel expectations continue to fall, the analyst tells investors in a research note. The firm’s analyst of retail sell-through versus shipments suggests retailers may have over 200 days of inventory, a likely drag on near-term shipments.