BMO Capital analyst Tamy Chen downgraded Sundial Growers to Market Perform from Outperform with a price target of $4, down from $8. Recent developments suggest there is now less demand and lower pricing in the licensed cannabis producer to licensed cannabis producer market as more producers have ramped production, Chen tells investors in a research note. The analyst points out that the producer-to-producer channel represents the majority of Sundial's current revenues. As a result, Chen believes Sundial will continue to be attributed a lower relative multiple until the company can demonstrate a "clearer pathway towards a meaningful presence" in the recreational cannabis market.