HEXO Hit With a Severe Downgrade
This week started out badly for marijuana stock HEXO (NYSE: HEXO).
On Monday -- one working day after announcing the resignation of its CFO -- the company was socked with a drastic downgrade of its stock's rating from BofA Merrill Lynch, which now rates HEXO an underperform. That's nearly the polar opposite of Merrill's previous buy recommendation.
BofA Lynch also cut its price target on the stock, to 4 Canadian dollars (or US$3) per share, down from the previous CA$9 ($6.76).
Source Fool.com
