The Globe and Mail (BC Edition) - - GLOBE INVESTOR - BY DAVID LEEDER

Canac­cord Ge­nu­ity an­a­lyst Neil Maruoka down­graded his rat­ing for Canopy Growth Corp. to “sell” from “hold” based on re­cent share price ap­pre­ci­a­tion. “We con­tinue to be­lieve that Canopy will ul­ti­mately emerge as one of the dom­i­nant play­ers in the Cana­dian cannabis space,” he said. “How­ever, our hes­i­ta­tion on the stock has largely stemmed from val­u­a­tion.”

Tar­get: His tar­get rose to $11 from $9.50. The con­sen­sus is $11.86. Pre­dict­ing its in­vest­ments in di­rect-to-con­sumer video ser­vice and long lead times will likely weigh on in­vestor sen­ti­ment in the near term, Guggen­heim an­a­lyst Michael Mor­ris low­ered Walt

Dis­ney Co. to “neu­tral” from “buy.” “Our up­dated out­look re­flects our in­creased cau­tion to­ward pay-TV ecosys­tem trends,” he said.

Tar­get: Mr. Mor­ris’s tar­get fell to $102 (U.S.) from $122. Con­sen­sus is $112.67. Ech­e­lon Wealth Part­ners an­a­lyst Dou­glas Loe gave “Top Pick” sta­tus to Im­muno­vac­cine Inc., a Hal­i­fax-based clin­i­cal-stage bio­phar­ma­ceu­ti­cal com­pany. “IMV per­forms well year to date, in part from over­all sec­tor at­trac­tive­ness, but sub­stan­tively from its own [De­poVax ] pipe­line ad­vances as well,” he said.

Tar­get: Mr. Loe has a “spec­u­la­tive buy” rat­ing and $2.75 tar­get for the stock. Con­sen­sus is $2.36. Ex­press­ing con­cern over the ef­fects of ris­ing costs of do­ing busi­ness in the U.S. home-fur­nish­ing re­tail space, Credit Suisse an­a­lyst Seth Sig­man down­graded

Wil­liams-Sonoma Inc. to “un­der­per­form” from “neu­tral.” Mr. Sig­man said the need for el­e­vated in­vest­ment makes it dif­fi­cult to bal­ance sales and mar­gins, which he said the com­pany has shown over the past two years.

Tar­get: He kept a tar­get of $44 (U.S.). Con­sen­sus is $50.16. In a re­search note on North Amer­i­can trans­porta­tion com­pa­nies, Credit Suisse an­a­lyst Allison Landry said ca­pac­ity across all modes “is tight.” Ac­cord­ingly, Ms. Landry low­ered her 2018 fi­nan­cial es­ti­mates for Cana­dian

Na­tional Rail­way Co. de­spite re­main­ing bullish on the rail­way in­dus­try in gen­eral.

Tar­get: With an un­changed “neu­tral” rat­ing, her tar­get for CN stock fell to $83 (U.S.) from $85. Con­sen­sus is $84.91.

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