Benchmark reiterates sell and TD Cowen sticks to market perform rating after Canopy Growth’s latest quarterly results
Benchmark analysts on Monday reiterated their sell rating on Canopy Growth Corp. as it burns cash at a rate that’s more “intense than a midnight blaze” while TD Cowen sounded a more positive tone on improved gross margins at the Canadian cannabis company.
Moreover, Canopy Growth’s cannabis brands and product innovations “have been underwhelming” and its proposal to create a publicly-traded entity to reflect its U.S. businesses appears to be “driven by desperation,” he said. “WEED’s acknowledgment of operational risks further fuels worries about their sustainability and financial obligations,” Hickey said.While the company’s sales forecast was 3% below TD Cowen’s estimate, its adjusted gross margin of 33% came in well above the firm’s estimate of 18%, she said.
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