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CGC

Canopy Growth

$20.30

0.21 (1.05%)

, STZ

Constellation Brands

$181.63

0.72 (0.40%)

06:51
12/12/19
12/12
06:51
12/12/19
06:51

Canopy Growth price target raised to C$27 from C$18.90 at Cantor Fitzgerald

Cantor Fitzgerald analyst Pablo Zuanic raised his price target for Canopy Growth (CGC) to C$27 from C$18.90 and keeps a Neutral rating on the shares after meeting with management. The analyst assumes a C$31 potential takeover price and assigns a 65% probability to a deal happening. Constellation Brands (STZ) has confirmed it will contribute further cash to Canopy at some point via the outstanding warrants. However, it could take control of the company with less cash disbursement given the strike prices are up to three times above current levels, Zuanic tells investors in a research note.

CGC

Canopy Growth

$20.30

0.21 (1.05%)

STZ

Constellation Brands

$181.63

0.72 (0.40%)

  • 08

    Jan

CGC Canopy Growth
$20.30

0.21 (1.05%)

11/20/19
BOFA
11/20/19
UPGRADE
BOFA
Buy
Canopy Growth upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Christopher Carey upgraded Canopy Growth to Buy from Neutral with a price target of CAD24. The analyst notes that the stock has fallen 38% since his downgrade two months ago which pointed to the slowdown in orders and relatively high consensus estimates. Following that decline, Carey states that the bad news has been priced into a "more reasonable" valuation as estimates have come in to become achievable or "even beatable" and inventories have turned leaner.
11/20/19
11/20/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Canopy Growth (CGC) upgraded to Buy from Neutral at BofA/Merrill with analyst Christopher Carey saying the stock has fallen 38% since his downgrade two months ago which pointed to the slowdown in orders and relatively high consensus estimates. 2. Schlumberger (SLB) double upgraded to Buy from Sell at Tudor Pickering. 3. Intelsat (I) upgraded to Outperform from Market Perform at Raymond James with analyst Richard Prentiss saying he believes the ~75% pullback over the past 10 days was first related to speculation, and then the confirmation on Monday morning, that the FCC would run a public vs. private auction for 280 MHz. 4. Paycom (PAYC) upgraded to Outperform from Sector Perform at RBC Capital with analyst Alex Zukin saying that after his travel with the company management, he is turning more confident in its ability to "realize price, improve retention, and drive a long runway of continued market disruption and penetration." 5. Tradeweb Markets (TW) upgraded to Buy from Neutral at Goldman Sachs with analyst Alexander Blostein saying the company's "solid" organic revenue growth and expanding operating margins should drive 15% earnings growth in 2020 and 2021. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/22/19
MKMP
11/22/19
NO CHANGE
MKMP
Canopy Growth, Aurora Cannabis profitability hard to achieve, MKM Partners says
MKM Partners analyst Bill Kirk remains cautious on Canadian Cannabis producers, saying that consensus expectations are still "high as a kite". The analyst notes that the sector has recently rebounded to "prior earnings level share prices", but believes that the assumption of "massive revenue growth with hardly any absolute cost growth" embedded in consensus is "very unlikely". Kirk cites fresh signs of cracks in the Canada market - namely that pricing is down, gaps to illicit aren't closing, and consumption per federal license is contracting - which suggests that the near-term path to profitability looks challenged. Kirk keeps his Neutral rating and CAD23 price target on Canopy Growth (CGC) and Sells rating with CAD3 price target on Aurora (ACB).
12/09/19
CANT
12/09/19
NO CHANGE
Target $18.9
CANT
Neutral
Cantor sees over 66% chance of Constellation bidding for Canopy Growth
Cantor Fitzgerald analyst Pablo Zuanic is surprised it has taken this long for Constellation Brands (STZ) to appoint a new CEO at Canopy Growth (CGC) following the exit of Bruce Linton. Pundits trying to read the tea leaves could make arguments both pro and con regarding whether the probability of a bid for the entire company by Constellation has increased or not, Zuanic tells investors in a research note. For his part, the analyst thinks the probability of Constellation trying to acquire Canopy has increased. However, he admits it is not an easy strategic decision for Constellation given its balance sheet, likely mid- to high-teens earnings dilution from a deal for the 65% of Canopy it does not own, and likely near-term hit to its own share price. Nonetheless, Zuanic assigns a more than two-thirds probability to Constellation putting in a bid for all of the Canopy Growth equity in the near term. On the argument of an improving outlook for the cannabis industry, Constellation could justify a deal, contends the analyst, who has a Neutral rating on Canopy Growth with a C$18.90 price target.
STZ Constellation Brands
$181.63

0.72 (0.40%)

10/07/19
ARGS
10/07/19
NO CHANGE
Target $230
ARGS
Buy
Constellation Brands price target raised to $230 from $220 at Argus
Argus analyst John Staszak raised his price target on Constellation Brands to $230 and kept his Buy rating after its Q2 earnings beat, also keeping his FY20 and FY21 EPS views at $9.10 and $10.30. The analyst is positive on the company's recent additions to its brand portfolio, with increased focus on the U.S. beer market and higher than expected operating margin, noting that Constellation Brands should continue to benefit from economies of scale. Staszak adds that while the multiple of 21.4-times his expected earnings is above the company's 10-year historical average of 18 and the average of 17 for other growing Consumer Staples companies, it is warranted by the company's prospects for above average growth.
10/14/19
GHSC
10/14/19
DOWNGRADE
GHSC
Neutral
Canopy, Hexo downgraded to Neutral as Seaport Global cuts cannabis estimates
Seaport Global analyst Brett Hundley lowered his sales and earnings forecasts for the conventional Canadian cannabis companies he covers as part of a broader reset of expectations for the Canadian cannabis space. As part of the broader changes, he downgraded Canopy Growth (CGC) and Hexo Corp. (HEXO), both to Neutral from Buy. Hundley has lowered his FY21 view for Canopy's revenue to $475.5M and his EBITDA forecast to ($75.1M), adding that he no longer feels confident in the company's potential to receive incremental equity warrant funding from Constellation (STZ) in the near-term. For Hexo, he now sees FY21 revenue of $121.7M and $0.2M in EBITDA. He expects market pricing to become "considerably more challenged" as industry production funnels into "a limited store set" in Canada, Hundley tells investors. He keeps a Buy rating on Aphria (APHA), making it his only Buy-rated conventional Canadian cannabis company, though he cut his price target on the stock to $8 from $13. Hundley has Neutral ratings on Aurora Cannabis (ACB) and Tilray (TLRY).
12/06/19
COWN
12/06/19
NO CHANGE
Target $240
COWN
Outperform
Constellation Brands weakness a buying opportunity, says Cowen
Cowen analyst Vivien Azer said Constellation Brands has pulled back more than 11% recently providing an attractive entry point into the stock. The analyst said constellation remains her overall Top Pick across all the companies she follows heading into 2020 noting the new CEO has cleaned house and has divested slow growth divisions that are not complementing their Mexican import business. Azer reiterated her Outperform rating and $240 price target on Constellation Brands shares.

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MSFT

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  • 29

    Jan

CAE

CAE

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American Campus

$46.31

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UPS

UPS

$118.61

0.005 (0.00%)

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  • 30

    Jan

WINS

Wins Finance

$12.50

-1.2 (-8.76%)

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MSFT

Microsoft

$167.06

0.82 (0.49%)

13:55
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Microsoft price target raised to $175 from $160 at Stifel »

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  • 29

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  • 25

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SFTBY

SoftBank

$0.00

(0.00%)

, SFTBF

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$0.00

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SFTBY

SoftBank

$0.00

(0.00%)

SFTBF

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$0.00

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WE

We Company

$0.00

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  • 12

    Feb

EGLE

Eagle Bulk Shipping

$4.25

-0.03 (-0.70%)

13:40
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Conference/Events
Eagle Bulk Shipping to host conference call »

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  • 16

    Feb

SMUUY

Siam Commercial Bank

$0.00

(0.00%)

13:39
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SMUUY

Siam Commercial Bank

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SMUUY

Siam Commercial Bank

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CNVVY

ConvaTec

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KSU

Kansas City Southern

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CRM

Salesforce

$182.16

-0.53 (-0.29%)

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  • 16

    Mar

SNYYF

Sany Heavy

$0.00

(0.00%)

12:56
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ATDRY

Auto Trader Group

$0.00

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AIOSF

Atresmedia

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LGDDF

Lagardere

$0.00

(0.00%)

12:48
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WPP

WPP

$66.38

-0.34 (-0.51%)

12:47
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