Alliance Global Partners analyst Aaron Grey lowered the firm’s price target on Canopy Growth to C$3.50 from C$4.50 and keeps a Neutral rating on the shares. The company’s Q3 missed on sales and EBITDA as load-in timing caused a sales miss on BioSteel, along with Biosteel & Cannabis continuing to weigh on profits, the analyst tells investors in a research note. The firm is also reducing its assumed enterprise value to expected sales multiple due to uncertainty on the timing to reach profitability.
Published first on TheFly
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