Cronos Group (CRON) has become a fundamentally stronger company after it was partly acquired by Altria on December 7. Just last week, on January 18, CIBC initiated its coverage on the company giving the stock an “outperform” rating and a price target of 22 Canadian dollars. That day, the stock gained nearly 9% and has since continued its upward momentum as of January 22. Let’s look at what analysts think about the company in January.
In January, the consensus price target for Cronos Group stood at nearly 20 Canadian dollars, which increased from 19.6 Canadian dollars a month ago in December. Given that the company is already trading at 20.2 Canadian dollars as of January 22, the market (HMMJ) and analysts appear to be in agreement in regards to their expectations about the company’s stock price.
Unlike Canopy Growth (WEED), Aurora Cannabis (ACB) and Tilray (TLRY) are trading at a significant discount to their price targets, which we discussed in Analysts’ January Rating Updates for TLRY, CGC, and ACB.
As the above chart shows, a total of six analysts have provided recommendations on Cronos Group. Their consensus is a “buy” recommendation. Of the six analysts, one has a “strong buy” on the stock, while four have a “buy” on the company. One has a “hold” on the stock.
Next, we’ll look at Aphria.