3 Cannabis Price Target Upgrades Investors Need To Know

Earnings season has started to heat up and US cannabis companies have been in focus. In this article, we are not referring to multi-state operators (MSOs) but companies like GW Pharmaceuticals (GWPH)Innovative Industrial Properties, Inc. (IIPR), and the Scotts Miracle-Gro Company (SMG).

In regards to GW, IIPR and Scotts, these are not businesses that we consider to be cannabis companies since they are focused on biotech, real estate, and agriculture/hydroponics, respectively.

During the last month, these three companies reported quarterly financial results, and we have been closely following how the market has responded to the numbers. Following the earnings reports, several broker-dealers that cover these companies changed their price targets, and we want to highlight these.

GW Pharmaceuticals released earnings after the market closed on August 6th and received the following changes:

  1. JP Morgan raised its price target to $190 from $187
  2. Needham lowered its price target to $180 from $190
  3. Stifel lowered its price target to $136 from $140
  4. ATB Capital lowered its price target to $190 from $200

The market responded negatively to GW’s numbers and Guggenheim lowered its price target to $155 from $160 on August 10th. The post-earnings trend for the cannabis biotech company has been to the downside and this is a trend that we continue to closely follow.

Innovative Industrial Properties released earnings after the market closed on August 5th and received the following changes:

  1. Craig-Hallum raised its price target to $125 from $75

The market responded positively to IIP’s numbers and Compass Point raised its price target to $145 from $125 on August 10th. The NYSE traded cannabis REIT has continued to trade higher after the earnings report, and we expect to see it announce additional acquisitions in the coming months.

Scotts Miracle-Gro released earnings before the market opened on July 29th and received the following changes:

1 2
View single page >> |

Disclosure: This report was authored by and is property of Technical420. All information and data relied upon in drafting this report is publicly available. The author believes and considers its ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.