Canaccord Genuity Releases a Hold Rating on Canopy Growth

By Jason Carr

In a latest note to investors, a research analyst has provided a rating update for the Consumer Goods sector company, Canopy Growth (TSX: WEED). The company received a Hold today from Canaccord Genuity’s analyst Neil Maruoka, with a C$9.50 price target.

Maruoka wrote:

“We have made no changes to our forecasts following this announcement, as it is in line with our expectations for the rapid ramp of cannabis sales beginning in the second half of next year.”

According to TipRanks.com, Maruoka is ranked 0 out of 5 stars with an average return of -3.1% and a 34.6% success rate. Maruoka covers the Healthcare sector, focusing on stocks such as Merus Labs International, Aurinia Pharmaceuticals, and Cardiome Pharma Corp.

Canopy Growth has an analyst consensus of Strong Buy, with a price target consensus of C$11.25.

Canopy Growth’s market cap is currently C$1.64B and has a P/E ratio of 0.

Canopy Growth Corp. supplies unmatched selection of premium medical marijuana, an agricultural product. It products treat symptoms such as chronic pain, seizures, muscle spasms, nausea and loss of appetite. The company was founded by Bruce Linton on August 5, 2009 and is headquartered in Smith Falls, Canada.

The company’s shares closed on Thursday at C$10.06.