Canopy Growth Pops Higher as Product Mix Praised By Investing.com

Canopy Growth Pops Higher as Product Mix Praised

Stock MarketsJan 28, 2020 01:10PM ET

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Canopy Growth Pops Higher as Product Mix Praised

By Kim Khan

Investing.com – Pot stock Canopy Growth enjoyed solid midday gains Tuesday as it got a sell-side endorsement that its products are resonating with consumers.

Canopy Growth (TSX:WEED) rose 6.4% in midday trading.

BMO Capital Markets upgraded the stock to outperform from market perform.

“We believe there is potential upside to Street expectations for the fiscal third quarter of 2020 driven by the company's pivot into a recreational product mix that should now be better aligned with demand,” analysts Tamy Chen and Peter Sklar wrote in a note, Barron’s reported.

Shares of the company are up more than 13% year to date, but down more than 50% in the last 52 weeks.

But investors may want to be cautious.

There are signs that a 2020 rebound in the overall cannabis sector could already be fizzling out, Investing.com’s Brenda O’Farrell wrote today.

Elsewhere among the group, Tilray (NASDAQ:TLRY) rose 2.4% and Cronos Group (NASDAQ:CRON) rose 1.7%.

Britain's M&S warns on outlook after profit jump By Reuters - May 25, 2022

LONDON (Reuters) -British retailer Marks & Spencer (OTC:MAKSY) joined rivals in warning on the outlook for the current year amid a worsening cost-of-living crunch, taking the...

Europe, Asia gas buyers switching to long-term supplies to beat volatile prices By Reuters - May 25, 2022

By Florence Tan and Joyce Lee DAEGU, South Korea (Reuters) - Natural gas buyers in Asia and Europe are seeking to lock in supplies via long-term contracts as a buffer against...

S.Korean Naver's robotics ambitions challenged by 5G on-the-ground realities By Reuters - May 25, 2022

By Joyce Lee and Byungwook Kim SEONGNAM, South Korea (Reuters) - On weekdays, South Korean tech company Naver Corp's new headquarters near Seoul resembles a scene straight out of...

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Comments (1)

Greg Kattis Jan 28, 2020 2:42PM ET

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