What's Around The Corner For Canopy Growth? Analyst's Thoughts Post Earnings

Canopy Growth Corporation's (NASDAQ: CGC) stock took a deep plunge on Friday after the company announced a $CA16.3 million ($13.08 million) net loss in the second quarter and a CA$77 million wider loss in EBITDA, versus the same period of last year.

The Canadian giant pushed out a positive Adjusted EBITDA target due to market share challenges in the Canadian recreational business and a slower-than-expected ramp-up of U.S. distribution for BioSteel, while revealing a 3% year-over-year decline in net revenue to CA$131 million.

Prior to last week's earnings release, Cantor Fitzgerald's analyst Pablo Zuanic lowered the price target on Canopy's stock to CA$18.50 to address reduced estimates and reflect sectoral deratings. The analyst kept a 'Neutral' rating and the same price target on the company's stock post-earnings release.

However, Zuanic additionaly lowered the price target to CA$16.3 from CA$18.5 in hours following the market close, as the stock …

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