February 19, 2019 / 2:59 PM / 10 months ago

BUZZ-Canopy Growth: Could be the last to profit -GMP Securities

** U.S.-listed shares of Canopy Growth shares down ~3 pct after GMP Securities cuts to “hold” from “buy”, the cannabis producer’s first rating cut in three months

** CGC biggest loser among cannabis stocks and on pace to snap a four-day win streak

** GMP says “Investors will soon turn their attention to profitability levels and WEED could be the last one to generate positive EBITDA amongst our coverage universe,” the Globe and Mail reports

** GMP says Canopy’s valuation reflects significant revenue growth expectations, some of which may take longer than expected to occur, according to the report

** Comments come after Canopy’s Q3 report, after which many analysts raised their PTs, but some, including Cowen, raised the question of margins

** Analysts’ mean rating on CGC is “buy” -Refinitiv data

** CGC has surged ~72 pct YTD, outpacing the Horizons Marijuana Life Sciences Index ETF’s ~46 pct gain and the U.S.-listed ETFMG Alternative Harvest ETF 43 pct rise (Reporting by Savio D’Souza)

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