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TSX Stock Upgrades and Downgrades: APHA, ACB, CGC and More

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On April 6, Stifel analyst Andrew Carter increased Aphria’s price target from $15.5 to $22 and maintained a “hold” rating on the stock. Carter expects the Canadian adult-use shipment sales to fall on a sequential basis from Q2 but expects APHA to benefit from its upcoming merger with Tilray.

APHA stock closed trading at $18.07 on Monday indicating its trading at a discount of over 20% to analyst estimates.

MKM Partners analyst Bill Kirk raised Canopy Growth’s target price from $28 to $55 and maintained a “neutral” rating on the stock. Canopy beat analyst earnings forecast in Q3 driven by stronger than expected sales outside its core cannabis-related segment. Kirk is also optimistic about Canopy’s growth prospects in the U.S. markets.

Alternatively, CIBC lowered Canopy Growth’s stock price target from $64 to $55. The analyst maintained a “Neutral” rating on the stock. Canopy Growth stock closed trading at $39.96 on April 5.

Other notable analyst ratings by CIBC on April 5 were:

CIBC lowered Canopy Rivers’ stock price target from $4 to $3.25. The analyst maintained an Outperform rating on the stock. Canopy Rivers stock closed trading at $2.37 on April 5.

CIBC lowered Aurora Cannabis’ stock price target from $18.5 to $15. The analyst maintained a “Neutral” rating on the stock. Aurora Cannabis stock closed trading at $11.46 on April 5.

CIBC lowered Transat A.T’s stock price target from $6.5 to $4. The analyst maintained a “Neutral” rating on the stock. Canopy Growth stock closed trading at $4.5 on April 5.

Other stock upgrades and downgrades

National Bank lowered Good Food’s stock price target from $13.75 to $13. The analyst maintained an “Outperform” rating on the stock. Good Food stock closed trading at $8.53 on April 5.

Scotia Bank lowered Transat A.T’s stock price target from $5.5 to $4. The analyst maintained a “Sector Perform” rating on the stock. Transat A.T. stock closed trading at $4 on April 5.

Stifel raised Galaxy Digital Holdings’ stock price target from $5.9 to $34. The analyst maintained a “Sell” rating on the stock. Galaxy Digital Holdings stock closed trading at $29.8 on April 5.

Scotia Bank raised Artis REIT’s stock price target from $11.75 to $11. The analyst maintained a “Sector Perform” rating on the stock. Artis REIT closed trading at $10.95 on April 5.


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