What Can Help Canopy Growth Reach $250M In Sales? Analyst's Thoughts Ahead Of Earnings

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGCis scheduled to release its financial results for the second quarter fiscal year 2022 ended September 30, 2021, before financial markets open on November 5, 2021. 

On Wednesday, the Canadian giant announced the launch of two new product offerings from its Deep Space brand – Limon Splashdown and Deep Space XPRESS, while last week it confirmed the launch of a new CBD line – Harvest Medley CBD Wellness Gummies in partnership with Martha Stewart and Marquee Brands.

Year-to-date, the company’s stock fell 55.58%. 

The Analyst

Cantor Fitzgerald’s analyst Pablo Zuanic lowered the price target on Canopy’s stock to CA$18.50 ($14.90 ) from CA$21 keeping a ‘Neutral’ rating.

The Thesis

Canopy Growth previously issued guidance calling for a year-over-year sales decline despite the addition of Supreme , the analyst noted.

To address reduced estimates and reflect sectoral deratings, Zuanic lowered the price target on Canopy’s stock.

“With low expectations, we think sentiment may be driven by company commentary on the path to $250Mn …

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