Canopy Growth Price Target Raised To $60 From $40 At Piper Jaffray

Piper Jaffray analyst Michael Lavery raised his price target for Canopy Growth Corporation (CGC) to $60 from $40 and keeps an Overweight rating on the shares. The cannabis and hemp company closed yesterday up 79c to $44.21.

Lavery continues to estimate a $250B-$500B potential long-term global cannabis market, with a $15B-$50B near-term opportunity. Canopy is well positioned in the growing cannabis market, which is transitioning from illicit trade to legal sales, Lavery tells investors in a research note titled "A (US) Journey Of A Thousand Miles Begins With The First Step..."

He considers Canopy's recent approval of a New York hemp license to be a "tangible first step forward" in the U.S. that points to the beginning of a "long" U.S. growth trajectory. 

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