Canopy Growth Corp (NYSE:CGC) share price has been moving robustly over the year, driven by its leading position in the Cannabis industry and several achievements in the past few quarters. It is only the second cannabis company that is listed on New York Stock Exchange, thanks to its efficient management and aggressive business expansion strategies.
Its share price trades at around $30 a share at present. It is up 102% in the past six months, extending it’s twelve-month rally by 434%. Analysts, however, expect even further upside in Canopy Growth stock price.
Canopy Growth Corp Price Target
Wall Street analysts have an average price target of $40 for Canopy Growth stock while BMO Capital Market analysts have set the price target of $45 for its stock.
The analyst said, “the target multiple reflects BMO’s view that Canopy has a relative lead in brand development and international expansion, and could emerge as a leading global-branded company in the long term.”
Financial Numbers and Business Strategies Support Price Targets
The company has been aggressively expanding its market share in Canadian and international markets to sustain its leading position. Its financial numbers grew sharply in the latest quarter. The largest cannabis company reported record quarterly revenue of $21.7 million, highest ever reported in Canadian cannabis sector.
“The Company’s record revenues in the quarter were driven by a significant increase in domestic sales across all product formats as well as sales in the German medical market, which is beginning to show impressive growth,” said Bruce Linton, Chairman & CEO.
Canopy Growth sold a record 2,330 kilograms of cannabis in the latest quarter, up 87% from the year-ago period. It is in a stable cash position to support expansion strategies. The company’s cash and cash equivalents stood at around $237.7 million in the latest quarter, which the company believes is enough to support growth strategies.
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