Current market models suggest Canopy Growth stock price has upside potential if inflationary pressures ease, allowing consumer discretionary spend on cannabis to rise. While the consensus rating on CGC stock currently sits at “Hold” only, the mean target of $2.38 indicates potential upside of another 50% from here. With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Canopy Growth. Analysts note Canopy Growth stock price resilience despite broader market pullbacks. The company’s strategic move to cut operational costs by 18% could help bolster margins in the coming quarters.
