The Globe and Mail reports in its Friday edition that Laurentian Bank analyst Chris Blake upgraded Canopy Growth ($22.45) to "buy" from "hold." The Globe's David Leeder writes that Mr. Blake continues to target the shares at $29. Analysts on average target the shares at $32.27. Mr. Blake sees Canopy making better use of its assets, as well as finding greater operating efficiencies through its plan to permanently close two B.C. greenhouse facilities and stopping a move to bring another on-line in Ontario. Mr. Blake says Canopy made a "smart" decision "in light of current industry oversupply conditions brought on by the longer than expected roll-out of retail stores particularly in the provinces of Ontario and Quebec." He says in a note: "We estimate these facilities accounted for roughly 50 per cent of the company's total property footprint and likely less in terms of total production capacity. As such, while not disclosed, capacity utilization levels should improve. Furthermore, on a geographic basis, we estimate Ontario based facilities will now account for 65 per cent of total indoor/greenhouse production capacity versus 35 per cent previously. This is important should provide greater operating efficiencies."