Fly News Breaks for March 4, 2020
MO, CRON
Mar 4, 2020 | 07:43 EDT
MKM Partners analyst Bill Kirk upgraded Cronos Group (CRON) to Buy from Neutral with a lowered price target of C$11, down from C$12. The analyst says that yesterday's 11% decline wiped out nearly 40% of the company's non-cash value, and he is taking advantage of the broad market concerns and weakness related to the 10-K filing uncertainty. Kirk is positive on Cronos' relationship with Altria (MO), C$1.9B cash position, track record of "delivering on commitments", and its bulk wholesale issues - which drove the 10-K dealy - not being of "strategic importance" in the future.
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