Influential Canadian Bank Upgrades Canopy Growth Recommendation to Buy; Shares Rise 11%
Canopy Growth (NYSE: CGC) was a star marijuana stock on Tuesday, closing 11% higher on the day at $23.92.
One likely factor in this rise is an analyst update on the stock from prominent Canadian investment bank Bank of Montreal's BMO Capital Markets. Analyst Tamy Chen upgraded her recommendation on the stock, to outperform (i.e., buy) from the previous market perform (neutral). She also significantly raised her price target on Canopy Growth's Canada-listed stock, to $40 Canadian from CA$25, or US$30 to $19.
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Source Fool.com
