Is Aurora Cannabis Too Cheap to Pass Up Right Now?
Aurora Cannabis (NASDAQ: ACB) is one of the most beaten-down cannabis stocks in the entire industry. Investors will recall that back in 2018, Aurora announced it was acquiring medical marijuana company MedReleaf for more than $2.5 billion in what at the time was the sector's largest deal. Today, Aurora is worth about one-fifth of that value, with a market cap of over $400 million.
The days of the company being among the industry leaders are long gone. Now, it's more of an underdog trying to get back to respectability. Having lost more than 98% of its value since the start of 2018, it's hard not to be bearish on Aurora. But has the stock finally reached a point where it could be considered a good buy?
Analysts from Cantor Fitzgerald and Stifel Nicolaus upgraded their ratings on Aurora in June. One of the reasons was due to the company's opportunities in the legal market in Europe. One analyst, Pablo Zuanic, believes that since Aurora is one of the few companies in North America that have licenses to grow marijuana in Germany, it can benefit from the prospects in that market.
Source Fool.com
