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 shows some downside that is serious come.
This downgrade comes a after Canopy announced that its Canopy Animal Health division has launched a line of CBD products for dogs.
Michael 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 increasing belief around cannabis and possibility of U.S. legalization following elections, Lavery informs investors in an investigation note. The business presently trades at 21 times estimated 2022 sales, claims the analyst, would you maybe not see further upside to valuation centered on basics. Federal legalization of cannabis into the U.S. could be couple of years away, Lavery adds,” reports
To the contrary, their state of Wisconsin Investment Board disclosed you never miss an important development.