Piper Jaffray analyst Michael Lavery remains bullish on shares of Canopy Growth after the company’s CAGNY presentation. The analyst expects Canopy to expand its U.S. foundation by investing in hemp processing in states with favorable regulation, like it is doing in New York. He views the company’s heavy investing in research and development, in part to develop form factors like beverages and edibles, as well as legalization momentum as the key drivers for the shares. Canopy is well positioned in the growing legal cannabis market, and top-line momentum in Canada is on-track, Lavery tells investors in a research note. He maintains an Overweight rating on Canopy Growth with a $60 price target. The stock closed yesterday down 11c to $46.27.
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