Curaleaf downgraded to Sell from Buy at Stifel

Stifel analyst Andrew Partheniou downgraded Curaleaf to Sell from Buy with a price target of C$3.50, down from C$6.50. The firm, which is “surprised” at how resilient shares have been, having risen 33% during a period when four close peers are down roughly 10% with a valuation “double those same peers,” is reducing its broder core MSO market estimates by 9% in 2024 and modifying its valuation methodology for U.S. cannabis producers for “low growth.”Curaleaf has a “spotty track record,” with management halving 2023 guidance three months after initiating while “still being aggressive,” the analyst added.