Canopy Growth price target lowered to $2 from $3 at Piper Sandler

Piper Sandler lowered the firm’s price target on Canopy Growth to $2 from $3 and keeps an Underweight rating on the shares. The firm is still modeling sequential improvement Canopy’s Cannabis revenues through FY25, which may prove optimistic, and while 1H25 has minimal growth prospects, the firm is modeling some improvement in 2H25 from new product launches and growth in the German market, the analyst says. Piper does not see meaningful near-term catalysts, even if cannabis gets rescheduled from Schedule I to Schedule III in the U.S.