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15.01.2020 14:00:46

Aphria shares up 2.4% premarket after CIBC upgrades to neutral from underperform

Canadian cannabis company Aphria Inc.'s shares rose 2.4% in premarket trade Wednesday, after CIBC upgraded the stock to neutral from underperform and said it is more constructive on the stock now that an inevitable cut to guidance has been announced. "There will be issues to contend with, such as ongoing elevated capex spend and substantial working capital investments," analysts John Zamparo and Krishna Ruthnum wrote in a note. "But the balance sheet is relatively strong and market share gains are encouraging." The analysts raised their price target on the stock to C$7.00 ($5.36) from C$6.50. The company's revised guidance--it now expects 2020 revenue of C$575 million to C$625 million versus earlier guidance of C$650 million to C$700 million--is "much more achievable" although it may not be conservative enough, the analysts wrote. But with consensus below the new range, future guidance risk has moderated, said the note. Aphria shares have fallen 25.5% in the last 12 months, while the ETFMG Alternative Harvest ETF has fallen 41%. The S&P 500 has gained 26%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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