Cronos Group Inc. chief executive officer Mike Gorenstein told a group of Wall Street types Tuesday that the Canadian cannabis company will be “aggressive” regarding a U.S. CBD launch, spurring a Bank of America Merrill Lynch two-notch upgrade on the shares. Speaking at a luncheon hosted by the Consumer Analyst Group of New York (CAGNY), Gorenstein added that he’s not talking “that long of a way out” regarding the company’s entry into the U.S. market. These comments resulted in analyst Christopher Carey boosting his rating on the stock to buy from underperform, which had been based on valuation. He has become the leading bull on the shares with his Street-high 12-month price target of $27 (Canadian)/$20 (U.S.) per share, up from $17 (Canadian)/$13 (U.S.).

Source: thestar June 05, 2019 14:15 UTC