March 11, 2019 / 11:00 AM / 7 months ago

BUZZ-Cronos Group: BMO downgrades to "underperform"

** BMO downgrades Canadian cannabis producer to “underperform” from “market perform”

** U.S.-listed stock down 4.5 pct at $20.76 premarket

** Brokerage says CRON’s valuation elevated considering brokerage’s coverage estimates and view that co’s production ramp remains behind other licensed producers

** Following Q4 2018 results of other producers, where many reported “significant” EBITDA losses, have lowered forecasts for CRON in Q4 2018 and 2019 - BMO

** 3 of 8 brokerages rate the stock “buy”, 4 “hold” and 1 “ strong sell”; their median PT is C$23; co’s last closing price was C$29.15

** Stock has surged more than 100 pct so far this year (Reporting by Debroop Roy in Bengaluru)

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