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.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on CGC:
- CGC Craters on Weak Earnings; Lays Off 60% of Workforce
- Here’s What You Missed in Cannabis This Week
- Canopy Growth announces additional cost reduction program
- Canopy Growth sees C$425M-C525M in restructuring charges
- Canopy Growth Reports Third Quarter Fiscal Year 2023 Financial Results and Announces Canadian Business Transformation Plan