HEXO Stock: Bullish Calls Across the Board As ‘Outperform’ Wins

HEXO Stock

HEXO stock has been on an upward swing since April 17th when bullish calls from Bank of America pushed HEXO Corp (TSX:HEXO) (NYSE:HEXO) higher by 11%. The gains have continued—today stock is up roughly 2% at the time of writing.

Selling for $6.76 USD on the NYSE American, investors have been bullish about Canada’s HEXO Corp for quite some time. This recent analyst call caused a stir, but there’s more where that came from.

HEXO Stock: Bullish Calls From BofA

Last week, shares of HEXO Corp received a healthy push from the Bank of America. The Canadian cannabis producer was given significant backing by BofA analyst Christoper Carey.

Not only did the analyst give HEXO stock a ‘buy’ recommendation, but he also set a price target of $10 per share. This target represents 66% above the share’s closing price the day prior. The bullish sentiment was then driven home when Carey named the company as a “top pick in cannabis.”

Capitalize off Cannabis
Sign up now to start receiving our investing insights for FREE!

 

Mirrored Sentiment

But Bank of America isn’t the only analyst to consider HEXO stock a ‘buy’. In recent, months, the company has received several bullish calls in its favor.

>> WEED Stock Up 6%: Canopy Growth Acquiring Acreage Holdings for $3.4B

Seaport Global initiated coverage of the company in February and rated these shares a ‘buy’. Oppenheimer mirrored that sentiment with their ‘Outperform’ rating.

Further, according to MarketScreener, HEXO stock has an average price target of $10.06 CAD and an average consensus of ‘Outperform’ across 14 analysts.

Why the Bullish Calls?

It’s hard to ignore a cannabis play that is receiving high industry praise. So should you get on these shares while they are still relatively low-priced?

With a market cap of $1.4 billion USD at present, HEXO stock shows a “relatively low valuation,” according to Cory Renauer of The Motley Fool. Already climbing over 70% in 2019, these shares—selling at $6–$7 in recent weeks—still represent a fair price that could be considered undervalued.

>> Read More HEXO News

Featured Image: Canva