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Cronos Group shares pop on rare double upgrade Bank of America Merrill Lynch analyst

Christopher Carey upgraded the cannabis company to Buy from Underperform and boosted his price target to $20 from $13
Cannabis
Cronos is an investment firm that primarily operates in the Canadian cannabis sector

Cronos Group Inc (NASDAQ:CRON) stock surged after earning a rare double upgrade from analysts at Bank of America Merrill Lynch.

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.

READ: Cronos inks cannabis concentrate supply agreement with MediPharm Labs

"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.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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