Cannabis company Ascend Wellness draws a buy rating at Viridian Capital


Viridian Capital on Tuesday initiated coverage of Ascend Wellness AAWH, -0.90% with a buy rating and a $5.15 price target as a beneficiary of adult cannabis sales in New Jersey starting on Thursday. Analyst Jonathan DeCourcey said Ascend Wellness trades at a discount to other cannabis multi-state operators (MSOs) partly because its stock debut in May, 2021 came after the market peak for cannabis stocks; also because of its legal dispute over its acquisition of MedMen’s business in New York State. “Ascend is a leading mid-sized MSO with a position in several key markets that should be the envy of most in the industry through its vertically integrated flagship dispensary model,” DeCourcey said. “We are confident that execution over the next years will translate to meaningful share gains and outperforming profitability longer term.” Shares of Ascend Wellness rose 0.9% on Tuesday. The stock is down 48.5% so far in 2022, compared to a 30% drop by the AdvisorShares Pure US Cannabis ETF MSOS, +2.03%.

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

Previous articleEarnings Results: Netflix eyes ad-supported tier and targets password-sharing as subscriber total shrinks, stock plunges
Next articleDow finishes up over 500 points as stocks rally, oil prices tumble


Please enter your comment!
Please enter your name here