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Aurora Cannabis Inc (2)
Symbol ACB
Shares Issued 198,115,363
Close 2021-09-23 C$ 7.79
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Globe says Aurora Cannabis kept at "underperformer"

2021-09-24 08:20 ET - In the News

The Globe and Mail reports in its Friday edition that CIBC World Markets analyst John Zamparo says recent negative sentiment toward the North American cannabis industry is a "product of deferred U.S. legalization and lack of Canadian profitability." The Globe's David Leeder writes in the Eye On Equities column that Mr. Zamparo reduced his share target for Aurora Cannabis by $1 to $7, pointing to "elusive profitability, modest sequential sales growth, and ongoing U.S. government gridlock, which reduces the probability of significant reform until at least 2022." Mr. Zamparo has reaffirmed Aurora Cannabis at "underperformer." Analysts on average target the shares at $7.85. Mr. Zamparo says the 25-per-cent decline as measured by sector ETFs over the past three months resulted from a "lack of profitability from most Canadian pot producers, the continued dearth of institutional investors and the realization that U.S. legalization appears unlikely until at least next year." Mr. Zamparo adds that valuations now appear reasonable across the sector. The Globe reported on May 12 that Mr. Zamparo cut his rating for Aurora to "underperform" from "neutral." He saw Aurora underperforming its peers. It was then worth $9.87.

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