MKM Lowers Aurora Price Target On Softening Cannabis Industry Forecast

Aurora Cannabis Inc (NYSE: ACB) stock is down 30.03% on a year-to-date basis, and 35.1% over the last 30 days.

The Analyst

MKM Partners analyst Bill Kirk maintained a Sell on Aurora and lowered the price target from CA$5 ($3.78) to CA$3.50 ($2.65). 

The Thesis

MKM has three reasons for cutting the price target, Kirk said in a Monday note: 

  • Industry pricing has fallen. 
  • The illicit cannabis price gap has widened. 
  • Aurora’s new store openings in Quebec and Ontario are not meeting expectations.

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