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Oct. 4, 2021, 2:36 p.m. EDT

Canopy Growth shares dip on B. of A. downgrade

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By Steve Gelsi

Shares of Canopy Growth /zigman2/quotes/200603886/composite CGC +4.23% /zigman2/quotes/202205609/delayed CA:WEED +4.24% fell 3% on Monday after B. of A. downgraded the Canadian cannabis producer to neutral from buy and cut its price target on U.S.-listed shares to $17.50 from $33.88. Analyst Heather Balsky said Canopy Growth CEO David Klein in a meeting last week was optimistic on the long-term, but cautious on the near-term due to unexpected delays and challenges operating in a nascent industry. "In the Canadian cannabis market, stores are just starting to fully reopen, which should boost traffic and enable consumers to interact with budtenders who can help direct purchases," Barsky said. "However, CGC is still working through ... supply challenges, which we think has contributed to share weakness." The company's new Biosteel brand is resonating with consumers, but the distribution ramp to national accounts is behind plan, Balsky said. Shares of Canopy Growth are down 47.4% this year compared to a gain of 10.4% by the Nasdaq /zigman2/quotes/210598365/realtime COMP +0.83% .

US : U.S.: Nasdaq
$ 10.36
+0.42 +4.23%
Volume: 9.26M
Dec. 2, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$3.93 billion
Rev. per Employee
CA : Canada: Toronto
$ 13.28
+0.54 +4.24%
Volume: 3.18M
Dec. 2, 2021 5:00p
P/E Ratio
Dividend Yield
Market Cap
$5.02 billion
Rev. per Employee
US : Nasdaq
+127.27 +0.83%
Volume: 4.53M
Dec. 2, 2021 5:16p

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