The Globe and Mail reports in its Thursday, Nov. 2, edition that CIBC World Markets analyst John Zamparo has reaffirmed his "underperformer" recommendation for Canopy Growth. The Globe's David Leeder writes in the Eye On Equities column that Mr. Zamparo hiked his share target ahead by a nickel to 50 cents. Analysts on average target the shares at $1.10. Mr. Zamparo says in a note: "We are adjusting our estimates for Canopy Growth to account for the divestiture of BioSteel operations. A significant reduction in Canopy's cash burn results in a higher price target. We maintain our 'underperformer' rating, a product of Canopy's debt burden, ongoing negative FCF, and significant reliance on U.S. regulatory reform, in our view. Barring regulatory changes, we believe Canopy will require material equity issuance over the next few years to address its estimated $365-million net debt balance. Our revised estimates involve much lower revenues but materially better EBITDA." The Globe reported on Feb. 2 and June 13 that Mr. Zamparo rated Canopy "underperformer." In the first item, Mr. Zamparo had a share target of $2.50. In the second item, he slashed his share target to 50 cents. It was then worth $4.19 and 97 cents.