Analyst Likes Cronos, But Valuation Suggests ‘Downside Potential’

Investors have had an appetite for cannabis stocks since recreational marijuana was legalized in Canada last year. Wall Street analysts are now taking notice, and Stifel is the latest firm to weigh in on Cronos Group Inc (NASDAQ: CRON).

The Analyst

On Thursday, Stifel analyst W. Andrew Carter initiated coverage of Cronos with a Hold rating and C$18 ($13.44 USD) price target.

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The Thesis

Carter said Cronos is well-positioned for the booming Canadian adult-use marijuana market and has the resources, capital and partnerships to potentially attack the global market in the long-term. Carter is especially optimistic about Cronos’ partnership with tobacco …

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