Sundial (SNDL) has been a firm favorite amongst Robinhood investors this year, and at one point earlier in 2021, the stock showed year-to-date gains of over 700%. The stock has since retreated to a more realistic price, a factor – along with an improved balance sheet – taken into account today by Canaccord analyst Shaan Mir.
“We believe SNDL’s cash balance presents an opportunity to deploy capital into accretive investment opportunities and generate returns past our implied ~US$1.4B valuation,” Mir said. “Given a recent pull-back in the share price, we believe Sundial is currently trading near our implied valuation.”
Accordingly, the analyst upgraded Sundial’s rating form Sell to Hold, and bumped the price target from $0.65 to $0.7, which is roughly the price the shares are going for right now. (To watch Mir’s track record, click here)
