CGC Stock Got Downgraded Last Week and It’s Still Feeling the Effects

CGC stock kicked off Monday in the red, currently down nearly 5%, likely due to Canopy Growth (TSX:WEED) (NYSE:CGC) getting downgraded last week.

Here’s everything we know.

On Friday, September 27, Bank of America said it’s downgraded Canopy Growth from a “buy” rating to a “neutral” rating. Additionally, Bank of America, a North Carolina-based investment banking company, lowered the CGC stock price target to $27. For perspective, the price target was previously $46.

After the Canopy Growth downgrade, CGC stock fell nearly 4%. On ...