The Globe and Mail reports in its Saturday, Jan. 11, edition that Piper Sandler analyst Michael Lavery cut Aurora Cannabis ($1.70) to "underweight" from "neutral" last week (all figures U.S. unless otherwise stated). The Globe's David Leeder writes in the Eye On Equities column that Mr. Lavery trimmed his share target to $1 from $3. Analysts on average target the shares at $3.84. He is uncomfortable with Aurora's balance sheet in the near term. The Globe says Mr. Lavery expects negative cash from operations until the third quarter of 2021. He projects a cash deficit of $200-million in the interim. He is hopeful that more stores opening in Ontario will provide a boost after April. Mr. Lavery also notes weak sales in the EU are a risk to growth and margins. Elsewhere, Bank of America analyst Christopher Carey lowered Aurora to "underperform" from "neutral" with a $1.50 (Canadian) target, down from $4 (Canadian). "With balance sheet risks to remain a core investment thesis in 2020 in our view, and lingering uncertainty especially on financial covenants, we struggle to envision a scenario where shares have sustainable support."