HEXO - Canopy Growth joins cannabis selloff as Canaccord slashes price target

Canopy Growth (NASDAQ:CGC) led a selloff among cannabis players on Tuesday after Canaccord Genuity slashed its price target by as much as ~40% ahead Canadian Licensed Producer’s 4Q earnings for fiscal 2022 scheduled for Friday. Maintaining the Sell rating on the stock, the analyst Matt Bottomley trimmed the price target to $6 from C$10 per share. He projects Canopy (CGC) to report net revenue of C$125.7M for the quarter indicating a sequential decline of ~11%, Bloomberg reported.   Citing headwinds impacting growth of all business units of Canopy (CGC), the analyst added: “most notably, we believe the quarter will represent another period of sequentially lower sales from its Canadian adult-use penetration.” “As telegraphed in its prior earnings call, we believe as part of FQ4/22 reporting, the company may also announce new cost saving endeavors and strategic updates, which could include additional infrastructure closures, operational right-sizing, and potential management changes at

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Canopy Growth joins cannabis selloff as Canaccord slashes price target