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TLRY

Tilray

$102.60

1.75 (1.74%)

, CGC

Canopy Growth

$41.58

1.49 (3.72%)

10:21
11/06/18
11/06
10:21
11/06/18
10:21

Demand for adult use cannabis 'seemingly strong' in Canada, says Cowen

Citing her analysis of e-commerce platforms for adult use cannabis in Canada, Cowen analyst Vivien Azer remains encouraged to see "seemingly strong demand" as well as some instances of improved supply. In a research note pre-market open, the analyst notes she aggregated 533 product offerings with 1,149 SKUs from the e-commerce platforms for Alberta, British Columbia, Ontario, New Brunswick, and Newfoundland and Labrador. Overall, SKU stockout rates across the provinces were flat versus last week at 57%, although remains above the 46% rate during the prior week, Azer adds. Her view of the data is a modest positive for Canopy Growth (CGC), which has the second highest number of SKUs and out of stock rates declined from 65% to 54% while adding 16 SKUs this week. The read-through on Tilray (TLRY) is less clear, Azer contends, as the only three provinces where the company did not get supply agreements were all in her five province survey universe. The analyst reiterated an Outperform rating on Canopy Growth and Tilray.

TLRY

Tilray

$102.60

1.75 (1.74%)

CGC

Canopy Growth

$41.58

1.49 (3.72%)

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    Nov

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    Nov

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    Nov

TLRY Tilray
$102.60

1.75 (1.74%)

10/17/18
MSCO
10/17/18
NO CHANGE
MSCO
Morgan Stanley says pot legalization could pose risk to Canadian auto insurers
Morgan Stanley analyst Kai Pan noted that academic studies do not agree on the potential impact on car accidents from legalized recreational use of marijuana, but he still believes Canada's legalization could pose a risk to Canadian auto insurers. IFC, the largest auto insurer in Canada, is not immune to this challenge but given its long-term outperformance versus peers and strong claims management, Pan thinks the company should be better positioned in addressing this challenge, he tells investors. Publicly traded companies in the cannabis space include Aurora Cannabis (ACBFF), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Canopy Growth (CGC), Cronos Group (CRON), General Cannabis (CANN), India Globalization Capital (IGC) and Tilray (TLRY).
10/16/18
10/16/18
NO CHANGE
Target $200

Buy
Benchmark starts cannabis stock Tilray at Buy ahead of Canada legalizing
As previously reported, Benchmark analyst Mike Hickey initiated coverage of Tilray with a Buy rating and $200 price target, citing its early leadership in the medical cannabis market in Canada and the upcoming legalization of recreational cannabis, which begins in the North American nation tomorrow. He believes the company's strategic alliance with Novartis (NVS) and supply agreements with Canadian pharmacies that give Tilray a competitive edge in the Canadian medical cannabis market, Hickey tells investors. He also believes the potential international opportunity is "enormous," estimating that the global cannabis market opportunity could exceed $200B over the long-term. Hickey said Tilray is "well-positioned to take a meaningful share of this market."
10/16/18
BNCH
10/16/18
INITIATION
Target $200
BNCH
Buy
Tilray initiated with a Buy at Benchmark
Benchmark initiated coverage of Tilray with a Buy rating and $200 price target.
10/09/18
COWN
10/09/18
NO CHANGE
Target $172
COWN
Outperform
Tilray price target raised to $172 from $62 at Cowen
Cowen analyst Vivien Azer raised her price target for Tilray (TLRY) to $172 from $62 and keeps an Outperform rating on the shares. The analyst also raised her price target for Outperform-rated Canopy Growth (CGC) to C$82 from C$74.
CGC Canopy Growth
$41.58

1.49 (3.72%)

10/17/18
SCOT
10/17/18
INITIATION
SCOT
Sector Perform
Canopy Growth initiated with a Sector Perform at Scotiabank
Scotiabank analyst Oliver Rowe initiated Canopy Growth with a Sector Perform rating and C$61 price target. While Canopy is the dominant Canadian player and global leader in the rapidly evolving cannabis space, giving it a first-mover advantage and potential to be the largest global producer of legal cannabis, he thinks the stock is fully valued. Given its relationship with Constellation Brands (STZ), Rowe believes Canopy is well positioned to enter the cannabis-based beverage market, but he also thinks Canopy ultimately "wants to build brands, not production." Canopy's product development and branding will yield significantly more value for investors than simply an agreement to provide the product, added Rowe.
10/17/18
SCOT
10/17/18
INITIATION
SCOT
Outperform
Scotiabank calls Aphria best play in cannabis, starts with Outperform rating
Scotiabank analyst Oliver Rowe initiated coverage of Aphria (APHQF) with an Outperform rating and C$25 price target. Aphria is building one of the largest cannabis production platforms in Canada and internationally, Rowe tells investors in a research note on the cannabis sector titled "Growing for the Future." He notes the company intends to focus on "perfecting" large-scale production economics to generate high industry margins in the Canadian medical and recreational markets. The analyst views the company as the best way to play the cannabis space in his "limited coverage universe." Rowe this morning also initiated Canopy Growth (CGC) with a Sector Perform rating and C$61 price target. He views the company's growth story as "superb" but finds the valuation full at current share levels.
10/16/18
MSCO
10/16/18
NO CHANGE
Target $259
MSCO
Overweight
Morgan Stanley raises Constellation Brands target to $259 on better beer margins
Morgan Stanley analyst Dara Mohsenian, in a new note to investors, repeated his previously expressed beliefs that the market is not appropriately recognizing Constellation Brands' strong long-term growth prospects in beer and that negative sentiment around the company's investment in Canopy Growth (CGC) has been "overblown." The analyst, who sees scope for material improvement in beer operating margin performance starting in the second half of 2019, reiterates his Overweight rating on Constellation and raised his price target on the shares to $259 from $255.

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WSM

Williams-Sonoma

$60.60

-1.16 (-1.88%)

06:38
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FB

Facebook

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-0.39 (-0.27%)

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EMCI

EMC Insurance

$23.85

-0.07 (-0.29%)

06:33
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EMCC proposes to acquire remaining shares of EMC Insurance for $30 per share »

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FB

Facebook

$143.86

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06:25
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Facebook faces renewed criticism from Washington after NYT story, Recode says »

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FUJHY

Subaru

$0.00

(0.00%)

06:25
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WSM

Williams-Sonoma

$60.60

-1.16 (-1.88%)

, RH

RH

$119.39

-4.73 (-3.81%)

06:24
11/16/18
11/16
06:24
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06:24
Recommendations
Williams-Sonoma, RH analyst commentary  »

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Williams-Sonoma

$60.60

-1.16 (-1.88%)

RH

RH

$119.39

-4.73 (-3.81%)

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MMTOF

Mitsubishi Motors

$0.00

(0.00%)

06:23
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06:23
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Mitsubishi Motors rating change  »

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FB

Facebook

$143.86

-0.39 (-0.27%)

, PUBGY

Publicis

$0.00

(0.00%)

06:22
11/16/18
11/16
06:22
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06:22
Periodicals
Facebook lack of morals drawing ire from advertisers, New York Times reports »

Facebook (FB) is coming…

FB

Facebook

$143.86

-0.39 (-0.27%)

PUBGY

Publicis

$0.00

(0.00%)

WPP

WPP

$55.45

-0.65 (-1.16%)

03/08/13
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EVKIF

Evonik

$0.00

(0.00%)

06:20
11/16/18
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06:20
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Evonik rating change  »

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VLKAY

Volkswagen

$0.00

(0.00%)

06:16
11/16/18
11/16
06:16
11/16/18
06:16
Periodicals
Volkswagen CEO to assume responsibility for China business, Reuters reports »

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NVDA

Nvidia

$202.65

5.43 (2.75%)

06:13
11/16/18
11/16
06:13
11/16/18
06:13
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Nvidia analyst commentary  »

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YEXT

Yext

$17.44

0.35 (2.05%)

06:08
11/16/18
11/16
06:08
11/16/18
06:08
Initiation
Yext initiated  »

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  • 29

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PLUS

ePlus

06:07
11/16/18
11/16
06:07
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06:07
Initiation
ePlus initiated  »

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ENR

Energizer

$51.44

-4.51 (-8.06%)

06:07
11/16/18
11/16
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06:07
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Energizer rating change  »

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FB

Facebook

$143.86

-0.39 (-0.27%)

06:06
11/16/18
11/16
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06:06
Periodicals
Zuckerberg says he's still the best person to run Facebook, BI reports »

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TKPYY

Takeda Pharmaceutical

$0.00

(0.00%)

, SHPG

Shire

$178.98

-1.15 (-0.64%)

06:06
11/16/18
11/16
06:06
11/16/18
06:06
Periodicals
Takeda dissident shareholders make final push to stop Shire deal, FT reports »

A dissident group of…

TKPYY

Takeda Pharmaceutical

$0.00

(0.00%)

SHPG

Shire

$178.98

-1.15 (-0.64%)

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SBRA

Sabra Health Care

$19.12

-0.52 (-2.65%)

06:06
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06:06
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OHI

Omega Healthcare

$34.34

-0.13 (-0.38%)

06:05
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DSW

DSW

$25.39

-0.4 (-1.55%)

06:05
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BPMX

BioPharmX

$0.18

-0.0032 (-1.77%)

06:05
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06:05
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BioPharmX announces NYSE acceptance of plan to regain compliance »

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NVDA

Nvidia

$202.65

5.43 (2.75%)

06:05
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PBA

Pembina Pipeline

06:04
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EOG

EOG Resources

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AFI

Armstrong Flooring

$16.66

1.85 (12.49%)

06:03
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LGF.A

Lionsgate

$20.52

0.595 (2.99%)

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