Aurora Cannabis Inc (ACB)

[Tha Part Time Er]

Stifel analysts upgraded the stock of Aurora Cannabis Inc. ACB, 4.20% WEED, -0.47% to hold from sell on Wednesday, and said an update on the business offered on Tuesday suggested it has "weathered the storm." Analysts led by W. Andrew Carter raised their stock price target to C$17.50 ($12.89) from C$6.20. "We believe ongoing cash needs, potential equity dilution, and risk around debt covenants remain as impediments to a more constructive approach with the shares enjoying a still robust valuation (C$2.5 billion enterprise value)," the analysts wrote. "But with the reiteration of the F1Q21 positive EBITDA target, market share gains by Aurora,and stronger Canadian market trends, we believe the fundamental outlook and potential for capitalizing on the global cannabis category's development are back in focus." Aurora announced further cost cuts, including job cuts, on Tuesday and reiterated that it expects to have positive adjusted EIBTDA in the first quarter of fiscal 2021. Cantor Fitzgerald reiterated its overweight rating on the stock late Tuesday. Shares were slightly higher premarket, but are down 48% in the year to date. The Cannabis ETF THCX, -2.17% has fallen 19% in the same time frame, while the S&P 500 SPX, -1.74% has fallen 3%.