Fly News Breaks for January 28, 2020
Jan 28, 2020 | 07:46 EDT
MKM Partners analyst William Kirk downgraded Hexo to Neutral from Buy with a price target of C$1.50, down from C$5.00. The analyst notes that after the October resignation of its CFO, the company has experienced a range of problems, including a preliminary Q4 miss, employee layoffs, below-market equity raise, and undisclosed illegal growing operations. Most recently, Kirk notes that the company has been sued by suppliers for breach of contract, and he contends that the associated uncertainty cannot be offset by strong Original Stash sales and new Quebec retail stores.
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