Canopy Growth price target lowered to C$0.60 from C$3.50 at Alliance Global

Alliance Global Partners lowered the firm’s price target on Canopy Growth to C$0.60 from C$3.50 and keeps a Neutral rating on the shares. Canopy’s recent efforts to address some of its near-term balance sheet concerns provided the company some breathing room, but EBITDA losses and cash burn will likely persist in the near-term and the firm cautions on future dilution to shareholders or incremental strategic initiatives, such as divestitures.