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Jefferies upgrades Aurora Cannabis to hold as share prices 'better reflect reality'

Jefferies on Friday upgraded shares of Aurora Cannabis Inc. (ACB.T) to hold from underperform after the stock has fallen 10.5% so far this year. The U.S.-listed shares rose 0.9% in premarket trading. Analyst Owen Bennett said recent trading levels of the stock "better reflect reality" of operational weakness and the value of the company's prospects to expand into the U.S. market from the Canadian market. "The main bull argument for much of the Canadian names in recent times has been U.S. optionality [and] ACB is no different," Bennett said. He cut his price target for Aurora Cannabis by 9% to $8.56. The stock's weakness this year comes as the Cannabis ETF (THCX) has rallied 17.9% and the S&P 500 has gained 20.8%.

-Steve Gelsi

 

(END) Dow Jones Newswires

09-03-21 0731ET

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