Company News

BUZZ-Analysts set high hopes for pot maker Canopy despite Q2 miss

** At least 3 analysts raise PTs on cannabis maker Canopy Growth despite lower-than-expected Q2 results on Tuesday

** Focus remains on legalization of the recreational marijuana market and recently announced investment from Corona beer maker Constellation Brands - Canaccord Genuity

** Broker believes partnership with STZ will drive value in medium-term, lead to development of new cannabis-based products and higher prices; raises PT on Canopy to C$17 from C$14

** Cowen & Co raises PT to C$24 - a 20 pct upside to current levels - saying growth in medical market has slowed, but WEED continues to position itself for opportunities in adult-use market

** STZ last month bought a nearly 10 pct stake in co for about C$245 mln; Canopy stock up ~56 pct since deal

** Analysts had then said STZ could go on to make cannabis-infused beverages; however, Canaccord Genuity doesn’t see a clear path to commercialization of those products for some time (Reporting by John Benny in Bengaluru)