Charlotte’s Web Analyst Raises Price Target On Heels Of Abacus Merger

Over the last 12 months, Charlotte’s Web Holdings Inc. (OTC: CWBHF) shares fell 80%.

Earlier this week the company announced a CA$99 million ($68.2 million) merger with Abacus Health Products Inc. (CSE: ABCS) ABAHF.

Hemp wellness company also posted its fourth quarter and full-year 2019 financial results with a quarterly net loss of $18.8 million or 19 cents per share, versus a net income of $3.2 million or 3 cents per share in the prior-year period.

The Charlotte’s Web Analyst

Cantor Fitzgerald’s Pablo Zuanic raised the price target on Charlotte’s Web from $4.85 to $5.00, with a Neutral rating.

The Charlotte’s Web Investment Thesis

During Tuesday’s conference call, Charlotte’s Web management further discussed the benefits of the new merger deal with Abacus, which is “complementary and very likely synergistic across the FDM channel,” said Zuanic, adding …

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