Why Canopy Growth Wilted as the Market Grew Today
Overall, the stock market saw a pleasant and healthy bounce on the last trading day of the week. Canopy Growth (NASDAQ: CGC), however, apparently didn't get the memo. Shares of the Canadian marijuana company slipped by 1.4% as the S&P 500 index rose by nearly that amount. The culprit was a price-target cut from an analyst.
That morning, prognosticator Matt Bottomley of Canadian financial services company Canaccord Genuity took a pair of scissors to Canopy Growth. He now believes the company is worth only 3.50 Canadian dollars ($2.71) per share, down from his previous target of CA$4.50 ($3.49). The new level is down roughly $0.10 from Canopy Growth's latest closing share price.
Bottomley is maintaining his sell recommendation on the marijuana stock, meanwhile.
Source Fool.com
