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HEXO

Hexo

$2.83

-0.85 (-23.10%)

, CGC

Canopy Growth

$20.43

-2.365 (-10.38%)

08:27
10/11/19
10/11
08:27
10/11/19
08:27

Jefferies upgrades Hexo to Hold, says pressures now understood

Jefferies analyst Owen Bennett upgraded Hexo (HEXO) to Hold from Underperform with a price target of $2.90. The pressures facing the company are now better understood following its weaker than expected outlook, Bennett tells investors in a research note. The analyst this morning also downgraded Canopy Growth (CGC) to Underperform from Hold. His top picks Cannabis are Aurora Cannabis (ACB), Aphria (APHA) and Green Organic Dutchman (TGODF).

HEXO

Hexo

$2.83

-0.85 (-23.10%)

CGC

Canopy Growth

$20.43

-2.365 (-10.38%)

ACB

Aurora Cannabis

$3.72

-0.39 (-9.49%)

APHA

Aphria

$4.62

-0.77 (-14.29%)

TGODF

Green Organic Dutchman

$0.00

(0.00%)

  • 15

    Oct

  • 24

    Oct

  • 12

    Nov

  • 12

    Nov

HEXO Hexo
$2.83

-0.85 (-23.10%)

10/11/19
OPCO
10/11/19
NO CHANGE
OPCO
Perform
Oppenheimer says stay on sidelines despite selloff in Hexo shares
Oppenheimer analyst Rupesh Parikh tells investors to remain on the sidelines with respect to shares of Hexo after the company preannounced Q4 results meaningfully below expectations and withdrew its fiscal 2020 guidance for revenue of $400M. The analyst, who "very much expected" revenue shortfalls given recent adverse industry developments, says commentary on weak sell-through is an incremental risk that he did not envision "this early in the ramp." Parikh keeps a Perform rating on Hexo shares with a $2.75 price target.
10/11/19
ROTH
10/11/19
DOWNGRADE
ROTH
Neutral
Hexo downgraded to Neutral from Buy at Roth Capital
Roth Capital analyst Scott Fortune downgraded Hexo to Neutral from Buy with a price target of C$3.98.
10/07/19
BOFA
10/07/19
DOWNGRADE
BOFA
Underperform
HEXO Corp downgraded to Underperform from Buy at BofA/Merrill
BofA/Merrill analyst Christopher Carey downgraded HEXO Corp to Underperform from Buy with a C$4 price target following the abrupt resignation of its "high-caliber" CFO,Michael Monahan, after only 4 months with the company. The analyst thinks the corporate finance organization was less developed than Monahan had realized, and likely indicates there is much work ahead.
10/11/19
JEFF
10/11/19
UPGRADE
JEFF
Hold
Hexo upgraded to Hold from Underperform at Jefferies
Jefferies analyst Ryan Tomkins upgraded Hexo to Hold from Underperform with a price target of C$3.80 following yesterday's selloff in shares.
CGC Canopy Growth
$20.43

-2.365 (-10.38%)

10/11/19
JEFF
10/11/19
DOWNGRADE
JEFF
Underperform
Canopy Growth downgraded to Underperform from Hold at Jefferies
Jefferies analyst Ryan Tomkins downgraded Canopy Growth to Underperform from Hold with a C$25 price target.
10/10/19
STFL
10/10/19
NO CHANGE
STFL
Hexo miss further damages cannabis industry credibility, says Stifel
Hexo (HEXO) this morning provided a preliminary update for its fiscal Q4 with revenue coming in below the consensus estimate and well below the "double" offered by management mid-quarter during the Q3 earnings call, Stifel analyst Andrew Carter tells investors in a research note. The preannouncement is "another headline damaging" the cannabis industry's credibility, Carter tells investors in a research note. For companies facing "significant financing risk," the analyst believes a "real segregation of assets will occur." Some companies will face significant dilution due to onerous financing terms while others will simply be unable to access capital, predicts the analyst. Carter thinks the macro environment will continue to be difficult and that the capital positions of Canopy Growth (CGC) and Cronos Group (CRON) are "clear competitive advantages." Those two have the ability to continue executing their business plans while capitalizing on the sector weakness, which "will only intensify from here," says Carter. Other names in the cannabis space include Aphria (APHA), Aurora Cannabis (ACB), CV Sciences (CVSI), CannTrust Holdings (CNTTF), General Cannabis (CANN), India Globalization Capital (IGC), Tilray (TLRY) and Zynerba (ZYNE). Shares of Hexo are down 24%, or 90c, to $2.78 in early trading.
10/09/19
ROTH
10/09/19
NO CHANGE
ROTH
Roth says low enthusiasm for cannabis stocks doesn't reflect industry potential
Roth Capital analyst Scott Fortune noted that stocks in the cannabis sector have declined during the six months since the first quarter with the industry "mired in a capital crunch, with a vape crisis to make matters worse." However, he thinks the recently lower enthusiasm for cannabis stocks does not reflect the cannabis industry's prospects, as he still sees a lot of upside potential. A "meaningful shift" in investor focus to operational execution has led to a short-term correction in valuations, but the industry is still projected to grow at a 27% compound annual growth rate for the next three years, said Fortune, who advises that investors focus for now on companies with strong balance sheets and positive adjusted EBITDA who are nearing break even. Publicly traded companies in the cannabis space include Aphria (APHA), Aurora Cannabis (ACB), CannTrust Holdings (CNTTF), Canopy Growth (CGC), Cronos Group (CRON), Tilray (TLRY), and Trulieve Cannabis (TCNNF).
10/11/19
JEFF
10/11/19
DOWNGRADE
Target $18.8
JEFF
Underperform
Jefferies downgrades Canopy to Underperform, calls most expensive in cannabis
Jefferies analyst Owen Bennett downgraded Canopy Growth to Underperform from Hold with a price target of $18.80. The stock closed Thursday down $2.37 to $20.42. Despite the recent selloff in shares, Canopy is the most expensive name across the cannabis space, Bennett tells investors in a research note. The analyst, who believes the company still has "material potential" long-term, says signs of share pressures in Canada, weak margin and profit performance in the near term, a lack of material catalysts, and "question marks over how successful beverages will be" warrant a downgrade to Underperform.
ACB Aurora Cannabis
$3.72

-0.39 (-9.49%)

10/07/19
BOFA
10/07/19
NO CHANGE
BOFA
Cannabis consensus estimates still may be 30% too high, says BofA/Merrill
BofA Merrill Lynch analyst Christopher Carey thinks that valuations across the cannabis sector are looking more reasonable following the selloff since April, though he still believes consensus estimates for the group are likely at least 30% too high. Given this view, he is of the opinion that the true "buy" signal for the sector won't come until sales estimates are significantly recalibrated. Though individual companies could gain share, on an industry level, sales estimates are too high, contends Carey, who thinks the stocks in the group could remain volatile for some time. He prefers Cronos Group (CRON), which he thinks stands out "as an especially attractive buying opportunity" following the group's pullback, Carey tells investors. He keeps a Buy rating on Cronos, has Neutral ratings on Aurora Cannabis (ACB) and Canopy Growth (CGC) and maintains an Underperform rating on HEXO Corp (HEXO).
09/26/19
COMP
09/26/19
NO CHANGE
COMP
Cannabis banking bill should find path to passage in Senate, says Compass Point
After the House of Representatives cleared the SAFE Banking Act by a vote of 321 to 103, Compass Point analyst Isaac Boltansky said the bipartisan clearance of the cannabis banking bill should be viewed as a tailwind for the bill's prospects in the Senate and he continue to think it will find "a path to passage" as part of a broader legislative package. He thinks that the SAFE Act will expand access to banking services for legal cannabis operators, but cautions that any immediate expansion is likely to be modest. Publicly traded companies in the cannabis space include Aphria (APHA), Aurora Cannabis (ACB), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Canopy Growth (CGC), Cronos Group (CRON), General Cannabis (CANN), India Globalization Capital (IGC), Tilray (TLRY), and Trulieve Cannabis (TCNNF).
APHA Aphria
$4.62

-0.77 (-14.29%)

07/26/19
CIBC
07/26/19
DOWNGRADE
CIBC
Underperformer
Aphria downgraded to Underperformer from Neutral at CIBC
CIBC analyst John Zamparo downgraded Aphria to Underperformer from Neutral and lowered his price target for the shares to $6.50 from $12. The stock closed Thursday down 23c to $5.84. The analyst cites concerns about "aggressive" Street estimates, potential asset impairment, a "leadership void and less robust supply contracts" for the downgrade. While Aphria likely captures a high-single-digit market share, and last month's partnership with PAX Era was a "meaningful win," the stock carries more risk than reward at current levels, Zamparo tells investors in a research note. The analyst believes consensus estimates need to come down to reflect slower industry growth than previously contemplated. He thinks this will pressure the stock.
TGODF Green Organic Dutchman
$0.00

(0.00%)

02/21/19
GHSC
02/21/19
INITIATION
Target $10
GHSC
Buy
The Green Organic Dutchman initiated with a Buy at Seaport Global
Seaport Global analyst Brett Hundley initiated The Green Organic Dutchman with a Buy rating and $10 price target, stating that he thinks ultimately that the company will become an important partner for food, beverage and many other CPG industries.
02/25/19
JEFF
02/25/19
INITIATION
JEFF
Buy
The Green Organic Dutchman initiated with a Buy at Jefferies
Jefferies analyst Owen Bennett initiated coverage of nine cannabis stocks, stating that his base-case "conservative" assumption is that the cannabis industry can grow in size to over $50B by 2029 from $17B in 2019. He started The Green Organic Dutchman with a Buy rating and C$6.10 price target, stating he sees the company having a well thought out strategy to target "a relatively uncluttered premium organic segment."
02/25/19
02/25/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Antares Pharma (ATRS) initiated with an Outperform at Cowen. 2. New Fortress Energy (NFE) initiated with a Buy at Citi and Stifel, an Overweight at Morgan Stanley, an Equal Weight at Barclays and an Oupterform at JMP Securities and Evercore ISI. 3. Aurora Cannabis (ACB), CannTrust Holdings (CNTTF), Flowr (FLWPF), Organigram (OGRMF) and The Green Organic Dutchman (TGODF) initiated with a Buy at Jefferies, Canopy Growth (CGC) and Emerald Health Therapeutics (EMHTF) initiated with a Hold, Cronos Group (CRON) and HEXO (HEXO) initiated with an Underperform. 4. Pulse Biosciences (PLSE) initiated with a Buy at H.C. Wainwright. 5. Beacon Roofing (BECN) initiated with a Neutral at Buckingham, while the firm initiated BMC Stock Holdings (BMCH) and TopBuild (BLD) with a Buy. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

SJMHF

SJM Holdings

$0.00

(0.00%)

15:22
10/22/19
10/22
15:22
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15:22
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TXN

Texas Instruments

$129.18

-1.75 (-1.34%)

15:19
10/22/19
10/22
15:19
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15:19
Options
Texas Instruments options imply 6.5% move in share price post-earnings »

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BA

Boeing

$338.82

7.7 (2.33%)

15:17
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10/22
15:17
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15:17
Hot Stocks
Boeing confirms Deal to succeed McAllister as CEO of Boeing Commercial Airplanes »

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  • 23

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$NSD

NASDAQ Market Internals

$0.00

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15:17
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$NYE

NYSE Market Internals

$0.00

(0.00%)

15:16
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BA

Boeing

$338.80

7.68 (2.32%)

15:15
10/22/19
10/22
15:15
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15:15
Hot Stocks
Breaking Hot Stocks news story on Boeing »

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  • 23

    Oct

BA

Boeing

$339.26

8.14 (2.46%)

15:10
10/22/19
10/22
15:10
10/22/19
15:10
Periodicals
Boeing commercial airline executive leaving company, NY Times says »

Kevin McAllister, the…

03/08/13
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03/06/13
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03/06/13
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  • 23

    Oct

BA

Boeing

$338.69

7.57 (2.29%)

15:07
10/22/19
10/22
15:07
10/22/19
15:07
Periodicals
Breaking Periodicals news story on Boeing »

Boeing head of…

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  • 23

    Oct

CMG

Chipotle

$824.48

-27.4 (-3.22%)

15:04
10/22/19
10/22
15:04
10/22/19
15:04
Options
Chipotle options imply 10.7% move in share price post-earnings »

Pre-earnings options…

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  • 22

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HOG

Harley-Davidson

$40.65

3.515 (9.47%)

15:02
10/22/19
10/22
15:02
10/22/19
15:02
Recommendations
Harley-Davidson analyst commentary  »

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  • 22

    Oct

TTD

Trade Desk

$189.94

-10.99 (-5.47%)

, ROKU

Roku

$127.31

-5.63 (-4.24%)

15:02
10/22/19
10/22
15:02
10/22/19
15:02
Recommendations
Trade Desk, Roku analyst commentary  »

SunTrust reiterates a Buy…

TTD

Trade Desk

$189.94

-10.99 (-5.47%)

ROKU

Roku

$127.31

-5.63 (-4.24%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 06

    Nov

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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$300.08

0.03 (0.01%)

14:58
10/22/19
10/22
14:58
10/22/19
14:58
General news
U.K. government not ruling out seeking short Brexit delay, Bloomberg says »

Bloomberg cites comments…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$300.08

0.03 (0.01%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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SNAP

Snap

$14.04

-0.54 (-3.70%)

, FB

Facebook

$183.72

-6.1 (-3.21%)

14:57
10/22/19
10/22
14:57
10/22/19
14:57
On The Fly
Fly Intel: What to watch in Snap earnings report »

Snap Inc. (SNAP) is…

SNAP

Snap

$14.04

-0.54 (-3.70%)

FB

Facebook

$183.72

-6.1 (-3.21%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 22

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SERV

ServiceMaster

$45.81

-10.26 (-18.30%)

14:54
10/22/19
10/22
14:54
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14:54
Recommendations
ServiceMaster analyst commentary  »

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  • 05

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WFC

Wells Fargo

$50.82

0.37 (0.73%)

14:54
10/22/19
10/22
14:54
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14:54
Downgrade
Wells Fargo rating change  »

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  • 27

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SNAP

Snap

$14.08

-0.5 (-3.43%)

14:49
10/22/19
10/22
14:49
10/22/19
14:49
Options
Snap Inc. options imply 26.3% move in share price post-earnings »

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  • 22

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GILD

Gilead

$66.32

1.11 (1.70%)

14:45
10/22/19
10/22
14:45
10/22/19
14:45
Options
Gilead call volume above normal and directionally bullish »

Bullish option flow…

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  • 24

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SPY

SPDR S&P 500 ETF Trust

$300.58

0.53 (0.18%)

, SPX

S&P 500

$0.00

(0.00%)

14:41
10/22/19
10/22
14:41
10/22/19
14:41
General news
U.K. Parliament rejects timetable bill for exit from EU »

U.K. lawmakers rejected a…

SPY

SPDR S&P 500 ETF Trust

$300.58

0.53 (0.18%)

SPX

S&P 500

$0.00

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BA

Boeing

$340.23

9.11 (2.75%)

14:34
10/22/19
10/22
14:34
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14:34
On The Fly
Fly Intel: What to watch in Boeing's earnings report »

Boeing (BA) is scheduled…

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  • 23

    Oct

FB

Facebook

$183.45

-6.37 (-3.36%)

, GOOG

Alphabet

$1,246.51

0.28 (0.02%)

14:25
10/22/19
10/22
14:25
10/22/19
14:25
Periodicals
U.S antitrust chief says breakup of 'Big Tech' is 'on the table,' WSJ reports »

Makan Delrahim, the U.S.…

FB

Facebook

$183.45

-6.37 (-3.36%)

GOOG

Alphabet

$1,246.51

0.28 (0.02%)

AMZN

Amazon.com

$1,769.36

-15.37 (-0.86%)

AAPL

Apple

$242.10

1.61 (0.67%)

03/08/13
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  • 22

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GME

GameStop

$6.30

0.37 (6.24%)

14:25
10/22/19
10/22
14:25
10/22/19
14:25
Options
GameStop call volume above normal and directionally bullish »

Bullish option flow…

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  • 23

    Oct

SPY

SPDR S&P 500 ETF Trust

$300.50

0.45 (0.15%)

, SPX

S&P 500

$0.00

(0.00%)

14:17
10/22/19
10/22
14:17
10/22/19
14:17
General news
Brexit withdrawal agreement bill passes by 329-299 vote, Bloomberg reports »

The U.K. Parliament is…

SPY

SPDR S&P 500 ETF Trust

$300.50

0.45 (0.15%)

SPX

S&P 500

$0.00

(0.00%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

14:17
10/22/19
10/22
14:17
10/22/19
14:17
Technical Analysis
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$NYE

NYSE Market Internals

$0.00

(0.00%)

14:16
10/22/19
10/22
14:16
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14:16
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NYSE market internals summary »

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14:10
10/22/19
10/22
14:10
10/22/19
14:10
Conference/Events
Senate Commerce, Science & Transportation Committee to hold a hearing »

The Subcommittee on…

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