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CGC

Canopy Growth

$40.20

-3.495 (-8.00%)

, STZ

Constellation Brands

$183.70

-2.14 (-1.15%)

09:10
06/24/19
06/24
09:10
06/24/19
09:10

Canopy now expected to be more dilutive to Constellation, says BofA/Merrill

BofA/Merrill analyst Bryan Spillane reiterated a Buy rating and $221 price target on Constellation Brands (STZ) following Canopy Growth's (CGC) Q4 earnings release and the subsequent release from Constellation outlining the non-cash profit & loss impact of Canopy's results for that period. Spillane now sees Canopy-related net losses of -$131.8M, -$160.0M and -$80.0M for Constellation's FY20, FY21 and FY22 vs. prior estimates of -$113.6M, -$97.1M and -$25.1M . The analyst now expects Canopy to be incrementally more dilutive to Constellation in the short term, and views these non-cash equity losses as "required investments for Canopy to gain scale/distribution in the cannabis industry."

CGC

Canopy Growth

$40.20

-3.495 (-8.00%)

STZ

Constellation Brands

$183.70

-2.14 (-1.15%)

  • 28

    Jun

  • 16

    Jul

CGC Canopy Growth
$40.20

-3.495 (-8.00%)

06/10/19
PIPR
06/10/19
NO CHANGE
PIPR
Cannabis regulation could become top 2020 election issue, says Piper Jaffray
After Washington D.C. lobbyist Michael Esposito, who also works closely with President Trump's administration, spoke at his firm's conference, Piper Jaffray analyst Michael Lavery believes cannabis regulation could become a top 2020 election issue. By supporting cannabis, Trump may be able to incrementally broaden his appeal with swing voters without alienating his base, Esposito tells investors in a research note. Though Trump has indicated his willingness to support the STATES Act, his enthusiasm could depend on whether or not Elizabeth Warren, author of the bill, is his opponent, adds the analyst in a note titled "Handicapping US Legalization Outlook: Politics Are Complicated." And while Senate Majority Leader Mitch McConnell is a roadblock for legislation in the Senate, Trump could use executive orders between now and the election to show support for the industry, potentially relating to cannabis banking or medical research, says Lavery. The analyst has Overweight ratings on both Canopy Growth (CGC) and Tilray (TLRY). Other names in the space include Aphria (APHA), Aurora Cannabis (ACB), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Cronos Group (CRON), General Cannabis (CANN), India Globalization Capital (IGC), MediPharm Labs (MLCPF) and Zynerba (ZYNE).
06/10/19
COMP
06/10/19
INITIATION
COMP
Neutral
Canopy Growth initiated with a Neutral at Compass Point
Compass Point analyst Rommel Dionsio started Canopy Growth with a Neutral rating.
06/21/19
PIPR
06/21/19
NO CHANGE
Target $60
PIPR
Overweight
Canopy Growth sales growth on track after Q4 results, says Piper Jaffray
Piper Jaffray analyst Michael Lavery says Canopy Growth reported fiscal Q4 net sales of C$94M, modestly below his C$97M estimate but ahead of the C$90M consensus estimate. The analyst considers Canopy's sales growth to be on track, and he expects growth to accelerate as industry-wide supply shortages subside and hemp-derived CBD products are commercialized in the U.S. Canopy continues to invest for growth, and positive adjusted EBITDA is not expected in the near-term, Lavery tells investors in a research note. He keeps an Overweight rating on the shares with a $60 price target.
06/21/19
COWN
06/21/19
NO CHANGE
COWN
Outperform
Canopy needs to start showing discipline, leverage, says Cowen
Cowen analyst Vivien Azer noted that Canopy Growth C$94M in net sales in Q4 topped consensus, which is not surprising given its leadership in total cannabis sales among the major Canadian licensed producers. However, she was surprised to see Canopy's 16% gross margin in Q4, noting that this means gross margins continued to contract sequentially over the course of the year for the third consecutive year. While Azer said she can "appreciate the nascent stage of the industry," she also believes Canopy needs to start showing expense discipline and operating leverage to keep the confidence of investors. Azer has an Outperform rating on Canopy with a C$82 price target.
STZ Constellation Brands
$183.70

-2.14 (-1.15%)

04/22/19
JEFF
04/22/19
NO CHANGE
Target $275
JEFF
Buy
Constellation Brands price target raised to $275 from $267 at Jefferies
Jefferies analyst Kevin Grundy raised his price target for Constellation Brands (STZ) to $275 from $267 to reflect the amended Canopy Growth (CGC) warrants held by the company, which was announced with Canopy's proposed acquisition of Acerage. Constellation agreed to waive its veto rights on the deal, subject to "favorably" modified warrant terms, which enhances the company's value in return for potential dilution from the deal and provides capital flexibility, Grundy tells investors in a research note. Constellation remains his top pick with a Buy rating.
04/25/19
DESJ
04/25/19
INITIATION
DESJ
Buy
Desjardins initiates HEXO Corp, Canopy Growth, Aurora Cannabis with a Buy
Desjardins analyst John Chu initiated HEXO Corp (HEXO), Canopy Growth (CGC), and Aurora Cannabis (ACB) with a Buy rating and respective price targets of C$14, C$74, and C$16.50 as part of a broad research note, saying the "hype" around legalization of adult-use cannabis in Canada remains strong in spite of "underwhelming" early months of sales. The analyst attributes the challenges to ramp-up, logistical and distribution issues, but expects investors to consider the opportunity as a "global" one. Chu believes that "major" consumer packaged goods companies like Constellation (STZ), InBev (BUD), and Altria (MO), as well as retailers like Walgreens (WBA), CVS (CVS), and Rite Aid (RAD) should "help push cannabis and hemp into the mainstream."
05/24/19
MSCO
05/24/19
DOWNGRADE
MSCO
Equal Weight
Constellation Brands downgraded to Equal Weight at Morgan Stanley
05/24/19
MSCO
05/24/19
DOWNGRADE
Target $220
MSCO
Equal Weight
Morgan Stanley downgrades Constellation to Equal Weight on valuation, beer risk
As previously reported, Morgan Stanley analyst Dara Mohsenian downgraded Constellation Brands to Equal Weight from Overweight, which he said is "mainly" due to the 36% rise in the stock from its January 9 low. However, to a lesser extent, the change in rating is due to an increasing risk of a potential beer demand slowdown this summer as the company laps successful innovation and strong results in the same period of last year, Mohsenian tells investors. Given that scanner data and industry feedback point to "subpar weather and just OK results" so far in the current quarter, he also sees modest risk to his 8% beer depletion forecast for the company's fiscal first quarter, the analyst added. Given the greater beer revenue risk he now sees, Mohsenian lowered his price target on Constellation shares to $220 from $230.

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PYPL

PayPal

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USB

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-0.2 (-0.36%)

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USB

U.S. Bancorp

$54.98

-0.2 (-0.36%)

SBNY

Signature Bank

$123.87

1.07 (0.87%)

KEY

KeyCorp

$17.45

0.15 (0.87%)

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CMG

Chipotle

$746.80

-17.43 (-2.28%)

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BYND

Beyond Meat

$176.65

6.28 (3.69%)

07:40
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NFLX

Netflix

$315.10

-10.04 (-3.09%)

07:37
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  • 03

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AMZN

Amazon.com

$1,964.78

-13.57 (-0.69%)

, TGT

Target

$88.02

-0.48 (-0.54%)

07:34
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AMZN

Amazon.com

$1,964.78

-13.57 (-0.69%)

TGT

Target

$88.02

-0.48 (-0.54%)

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AMZN

Amazon.com

$1,964.78

-13.57 (-0.69%)

, FDX

FedEx

$167.08

1.69 (1.02%)

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AMZN

Amazon.com

$1,964.78

-13.57 (-0.69%)

FDX

FedEx

$167.08

1.69 (1.02%)

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AMZN

Amazon.com

$1,964.78

-13.57 (-0.69%)

, MSFT

Microsoft

$136.62

0.33 (0.24%)

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AMZN

Amazon.com

$1,964.78

-13.57 (-0.69%)

MSFT

Microsoft

$136.62

0.33 (0.24%)

ORCL

Oracle

$57.55

-0.58 (-1.00%)

AZN

AstraZeneca

$40.11

-0.61 (-1.50%)

BMY

Bristol-Myers

$43.32

-0.72 (-1.63%)

LLY

Eli Lilly

$106.75

-1.57 (-1.45%)

GSK

GlaxoSmithKline

$40.97

-0.44 (-1.06%)

JNJ

Johnson & Johnson

$130.41

-1.62 (-1.23%)

MRK

Merck

$81.39

-1.28 (-1.55%)

NVS

Novartis

$93.58

-0.715 (-0.76%)

PFE

Pfizer

$42.78

-0.28 (-0.65%)

RHHBY

Roche

$0.00

(0.00%)

SNY

Sanofi

$41.94

-0.01 (-0.02%)

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BHVN

Biohaven Pharmaceutical

$44.16

-0.61 (-1.36%)

18:12
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  • 09

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CE

Celanese

$107.01

0.9 (0.85%)

18:01
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  • 23

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F

Ford

$10.20

-0.06 (-0.58%)

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RTN

Raytheon

$178.55

2.45 (1.39%)

17:48
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  • 25

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UTX

United Technologies

$132.37

1.08 (0.82%)

17:44
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  • 23

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LMT

Lockheed Martin

$356.90

0.675 (0.19%)

17:40
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Lockheed Martin awarded $1.47B Missile Defense Agency contract modification »

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  • 23

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ARES

Ares Management

$28.13

-0.305 (-1.07%)

17:33
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Breaking Syndicate news story on Ares Management »

Ares Management files…

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HAFC

Hanmi Financial

$21.68

-0.105 (-0.48%)

17:33
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  • 23

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PAYS

Paysign

$17.49

-0.48 (-2.67%)

17:32
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MEOH

Methanex

$43.19

0.83 (1.96%)

17:28
07/19/19
07/19
17:28
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17:28
Hot Stocks
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  • 01

    Aug

17:17
07/19/19
07/19
17:17
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17:17
Conference/Events
Credit Suisse biotech analysts to hold an analyst/industry conference call »

Biotech Analysts provide…

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Conference/Events
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Retail/Hardlines Analyst…

SHIP

Seanergy Marine

$0.64

-0.0425 (-6.25%)

17:05
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07/19
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17:05
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Seanergy Maritime receives noncompliance notice from Nasdaq »

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SONM

Sonim

$13.42

0.24 (1.82%)

16:41
07/19/19
07/19
16:41
07/19/19
16:41
Conference/Events
Sonim management to meet with Oppenheimer »

Meetings to be held on…

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KINS

Kingstone Companies

$8.81

0.09 (1.03%)

16:30
07/19/19
07/19
16:30
07/19/19
16:30
Hot Stocks
Kingstone names Barry Goldstein CEO »

Kingstone Companies…

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16:30
07/19/19
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Options
Preliminary option volume of 22.6M today »

Preliminary option volume…

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