According to a published report by TheStreet, analyst Christopher Carey upgraded the cannabis company to Buy from Underperform. He boosted his price target to $20 from $13, a 39% premium on its Tuesday close.
Shares jumped 7.4% to C$20.75 on the TSX and 8% to US$15.57 on the Nasdaq.
"Following recent [management] comments, we have improved confidence CRON is near announcing its launch, in our view a significant catalyst: (1) improving near-term visibility in the largest market for cannabis derived compounds in the world, (2) CRON beginning to flex its near group-leading balance sheet (C$2.4 billion cash) and partnerships (Altria, MO) to begin a transformation we see creating a vastly different co. in the years ahead," Carey wrote.
Cronos is an investment firm that primarily operates in the Canadian cannabis sector.
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