With shares down more than 60% over the last six months, it's tough to remain pessimistic on marijuana growerThe brokerage upgraded the Canadian cannabis producer to buy from neutral on Wednesday and told clients that the stock's 2019 swoon has tempered valuation and earnings estimates to more reasonable levels.
"Street estimates [are] achievable for maybe the first time in Canopy's history as a public company," analyst Christopher Carey wrote in a note. With leaner channel inventory and improving retail data ahead, "a bear case based on multiple compression and to a certain extent cash burn seems less robust now."
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