Earlier in this series, we saw that Beacon Securities had reiterated a “buy” recommendation on HEXO (HEXO) with a price target of 11 Canadian dollars for the next 12 months. Let’s look at where the consensus stands in comparison to Beacon Securities.
Price target and ratings
The consensus recommendation on HEXO as of January 7 is an overall “buy,” with two analysts recommending “strong buys” and eight recommending “buys” on the stock. The consensus ratings for HEXO’s peers Canopy Growth (WEED) and Aurora Cannabis (ACB) are also “buys” as of January 7. In contrast, Tilray (TLRY) has a consensus “hold” recommendation. It’s one of the rare cannabis stocks that doesn’t have a “buy.”
As for the stock’s overall consensus price target, it stands at 8.9 Canadian dollars, much lower than the price target set by Beacon Securities. However, there’s still an upside of ~8.9% on HEXO from its closing price of 6.3 Canadian dollars as of January 7. In the following days, investors should closely watch the developments in HEXO stock, which has piqued investors’ interest. We’ll especially be interested to see whether HEXO strikes more partnership deals as the overall cannabis industry (MJ) continues to consolidate.
For more information on the cannabis industry, check out The Latest from Aphria: Green Growth, Irwin Simon, and More and Jim Cramer Reiterates His Stance on Canopy Growth as ‘The One.’