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Wednesday, February 13, 2019 9:39:10 AM
Wells Fargo analyst Bonnie Herzog issues a positive update on the cannabis investment by Constellations Brands (NYSE:STZ) in Canopy Growth (NYSE:CGC) after attending the Aurora Cannabis Investor Day event in Alberta, Canada yesterday.
"We believe STZ's decision to get in cannabis early & with CGC was the right one given the broad upward trajectory of the global oppty, in our view, which will surely favor some players over others," writes Herzog. "We believe CGC/STZ will become a force in high margin consumables (i.e., cannabis bevs)," she adds. Herzog was convinced after hearing Aurora Cannis management highlight the huge global market potential it sees for cannabis.
Herzog and team assign a price target of $235 to Constellation, which works out to 15.6X the 2020 EV/EBITDA estimate and a 21.0X forward price-to-earnings ratio.
https://seekingalpha.com/news/3432665-wells-fargo-gushes-constellation-canopy-growth-potential
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