Aurora Cannabis Inc (NYSE: ACB) deserves credit for building industry leading scale and strong margins, but Bank of America thinks the company is burning fast at a concerning pace.
Bank of America’s Christopher Carey downgraded Aurora’s U.S.-listed stock from Buy to Neutral with a price target lowered from $10 to $8.
Aurora could be considered “among the best” cannabis companies and similar to its peers, Aurora is bleeding out cash, Carey wrote in the note. Aurora’s cash position is “less robust” compared to its peers and is on track to turn negative as early as the first quarter 2020.
Benzinga’s Cannabis Capital Conference heads to Detroit on Aug. 15 …