CGC Stock Up Nearly 80% Year-to-Date as Analysts Raise Price Target

cgc stock

Canopy Growth Corporation (NYSE:CGC) (TSX:WEED) is seeing exponential growth in its stock price today! The Canadian-based cannabis company has seen exponential growth in 2019 already, will shares continue to go up? Today, we'll take a closer look at CGC stock movement and the latest announcements from the company.

Piper Jaffrey Raises Price Target on CGC

Late on Thursday, Piper Jaffray raised its stock price target on Canopy Growth. This raised stock price target caused the stock to surge this morning. Piper Jaffray raised the CGC stock target to $60 from $40.

"We believe the long-term growth can be significant—both from transitioning illicit trade to legal sales, medical sales, and from transitioning sales in health & wellness categories to CBD-infused products," analysts Michael Lavery and Jeffrey Kratky wrote in a note.

Recently, the medical Canadian-cannabis stock entered the US hemp industry by a $150 investment in the state of New York. Towards the end of 2018, President Trump passed the Farm Bill. This bill was geared towards saving struggling farmers in the US but has indirectly boosted the hemp industry in North America. Now, hemp farming is set to explode in the US this year, showing huge potential for profit.

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The revenue potential on Canopy Growth's hemp movements is why Piper Jaffray raised its price target on CGC stock. Canopy Growth has expanded rapidly in the medical and recreational cannabis space in Canada. Now, this new source of potential revenue could drive the company well-above its peers as it covers every facet of the cannabis industry.

CGC Stock Movement Today

According to Yahoo Finace, CGC is currently trading at $48.20 a share, up +$3.99 (+9.03%) on the NYSE. Year-to-date, CGC is up nearly 80% on the US stock exchange.

On the TSX, WEED is currently trading at $64.53 a share, up +$5.51 (+9.34%). Year-to-date, WEED is up over 76%.

 

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