- Cronos Group and Innovative Industrial Properties Received a Boost on Tuesday After Analysts Released New Bullish Research Reports Upgrading the Shares of One Company While Increasing the Price Target on the Other
- Throughout June, Multiple Analysts Initiated Coverage or Adjust Their Ratings and Price Targets on Several Other High Profile Cannabis Stocks
- Here’s Our Summary of the Top Pot Stocks with New Analyst Research, Ratings or Price Targets
Welcome to the TCI Analyst Activity Tracker, a new biweekly segment where we breakdown and highlight the cannabis sector’s most noteworthy new analyst research reports, ratings and price targets. To go along with the Analyst Activity Tracker, we’ll also soon be launching the new TCI Insider Trading Report, which will focus on showcasing recent insider transactions from the marijuana sector’s biggest names. The first edition will be published soon, so stay tuned.
Investment or research analysts are often very influential figures in the financial markets, especially if the analyst is connected to a powerful investment bank or large institutional investors such as hedge funds, pension funds, or mutual funds.
Analysts are typically divided in two groups, ‘Buy-Side’ and ‘Sell-Side.’
- Buy-Side Analysts typically work for firms that purchase securities, such as hedge funds, mutual funds, pension funds and investment managers.
- Sell-Side Analysts typically work for firms that issue, sell, or trade securities such as investment banks, advisory firms, and other financial corporations.
Depending on the analyst’s investment network, reputation and track record, the research coverage they issue, whether positive or negative, has the potential to influence the share price of an individual stock. For that reason, it’s crucial to be aware of recently released research as the opinion of an analyst can have a direct impact on an investor’s holdings.
On Tuesday, Raymond James analyst Rahul Sarugaser released a new research report, which saw the analyst upgrade shares of Cronos Group from “Market Perform” to “Outperform.” Sarugaser’s price target on Cronos remained at CDN $13.52 per share.
Prior to the Cronos upgrade, several of the cannabis sector’s top names received either new research coverage, ratings or price targets during the month of June.
In this edition of the TCI Analyst Activity Tracker, we’ll be taking a look at the recent research updates on the following companies:
- Cronos Group (TSX: CRON) (NASDAQ: CRON) (FRA: 7CI)
- Innovative Industrial Properties (NYSE: IIPR) (FRA: 1IK)
- Curaleaf (CSE: CURA) (OTCQX: CURLF)
- Trulieve (CSE: TRUL) (OTCQX: TCNNF)
- Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1)
- MediPharm (TSX: LABS) (OTCQX: MEDIF) (FRA: MLZ).
Source: Shutterstock
For your convenience, we’ve combed through the reports and compiled the data to put together the following summary of the most recent cannabis analyst activity.
Cronos Group (TSX: CRON) (NASDAQ: CRON) (FRA: 7CI)
- Analyst Action: Rating Upgrade | 6/23/2020
- Analyst: Rahul Sarugaser ⭐️ ⭐️ ⭐️
- Firm: Raymond James
- Rating: ‘Outperform’ | Reiterated
- Price Target: $13.52 CDN | Maintained
- Close: $8.83 CDN | 6/23/2020
- Implied Upside: +53.11%
Source: Barchart
Learn more about Cronos Group: Website | IR Website | Investor Deck | CRON Chart
Innovative Industrial Properties (NYSE: IIPR) (FRA: 1IK)
- Analyst Action: Price Target Increased | 6/23/2020
- Analyst: John Massocca ⭐️ ⭐️ ⭐️ ⭐️
- Firm: Ladenburg Thalmann
- Rating: ‘Buy’ | Reiterated
- Price Target: $104.00 USD | Increased from $83.50
- Close: $96.20 USD | 6/23/2020
- Implied Upside: +8.11%
Source: Barchart
Learn more about IIP: Website | IR Website | Investor Deck | IIPR Chart
Curaleaf (CSE: CURA) (OTCQX: CURLF)
- Analyst Action: Research Update | 6/22/2020
- Analyst: Matt McGinley ⭐️ ⭐️ ⭐️ ⭐️
- Firm: Needham & Company
- Rating: ‘Buy’ | Reiterated
- Price Target: $14.50 CDN | Maintained
- Close: $8.02 CDN | 6/23/2020
- Implied Upside: +80.8%
Source: Barchart
Learn more about Curaleaf: Website | IR Website | Investor Deck | CURA Chart
Trulieve (CSE: TRUL) (OTCQX: TCNNF)
- Analyst Action: Initiated Coverage | 6/22/2020
- Analyst: Kenric Tyghe ⭐️ ⭐️ ⭐️
- Firm: AltaCorp Capital
- Rating: ‘Outperform’ | Assigned
- Price Target: $25.00 CDN | Issued
- Close: $17.10 CDN | 6/23/2020
- Implied Upside: +46.2%
Source: Barchart
Learn more about Trulieve: Website | IR Website | Investor Deck | TRUL Chart
Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1)
- Analyst Action: Initiated Coverage | 6/22/2020
- Analyst: Rupesh Parikh ⭐️ ⭐️ ⭐️ ⭐️ ⭐️
- Firm: Oppenheimer Holdings
- Rating: ‘Hold’ | Assigned
- Price Target: $23.54 CDN | N/A Consensus Average
- Close: $23.30 CDN | 6/23/2020
- Implied Upside: +1.03%
Source: Barchart
Learn more about Canopy Growth: Website | IR Website | Investor Deck | WEED Chart
MediPharm (TSX: LABS) (OTCQX: MEDIF) (FRA: MLZ)
- Analyst Action: Downgrade | 6/19/2020
- Analyst: David Kideckel ⭐️
- Firm: AltaCorp Capital
- Rating: “Outperform” to “Sector Perform” | Downgraded
- Price Target: $4.30 CDN | Decreased from $2.15
- Close: $1.34 CDN | 6/23/2020
- Implied Upside: +60.45%
Source: Barchart
Learn more about MediPharm: Website | IR Website | Investor Deck | LABS Chart
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Disclosure: The Cannabis Investor does not hold a position in any of the stocks mentioned in this article.
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