Canopy Growth price target raised to C$0.65 from C$0.56 at BofA

BofA raised the firm’s price target on Canopy Growth to C$0.65 from C$0.56 and keeps an Underperform rating on the shares after Canopy’s board decided to end funding its BioSteel unit and terminate employees that provided services to BioSteel’s Canadian and U.S. operations. The firm increased its price target given expected improving liquidity, but continues to view Canopy as a “show me” story given tough Canadian industry conditions, slow-moving U.S. regulatory changes, and its struggle to grow sales.