In a recently released analyst research report, Piper Sandler Senior Research Analyst addressing packed meals, tobacco, and cannabis, Michael Lavery, downgraded their perspective on stocks of Canopy development Corp. (TSX:WEED) (NYSE:CGC) from Overweight to Neutral with an amount target that indicates some downside that is serious come.
This downgrade comes a after Canopy announced that its Canopy Animal Health division has launched a line of
products for dogs.cannabisMichael day Lavery’s cost target of $27.00 USD per share implies a potential disadvantage of around 37.95% in line with the last traded cost of $43.51 USD per share regarding the NYSE pre-market.“Canopy shares are up 215% since October, likely driven by enhancing belief around
and possibility U.S. legalization following elections, Lavery informs investors in an investigation note. The organization presently trades at 21 times estimated 2022 sales, claims the analyst, who perhaps not see further upside to valuation according to basics. Federal legalization of cannabis within the U.S. could remain couple of years away, Lavery adds,” reports