Aurora Cannabis upgraded to overweight on prospects for European business

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Aurora Cannabis ACB, +7.75% ACB, +8.65% rallied 6% in premarket trades on Friday after Cantor Fitzgerald analyst Pablo Zuanic upgraded the Canadian cannabis company to overweight from neutral and raised his 12-month price target on the stock to C$4.05 ($3.12) from C$3.90. Zuanic said Aurora Cannabis could benefit from growth in the legal cannabis market in Europe, as one of only two North American companies with a license to grow cannabis in Germany, along with Tilray Brands Inc. TLRY, +0.84%. “With questions as to whether imports will be allowed in the future German rec market and likely a limited number of new domestic production licenses issued to supply that future rec market, we believe both Tilray and Aurora should be well positioned,” Zuanic said. He described Aurora as an “attractively-valued pure cannabis global play.”

This article was originally published by Marketwatch.com. Read the original article here.

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