With earnings season kicking into high gear for the cannabis industry, several companies that have reported earnings have seen volatile price swings.

Broker-dealers have been responding to the earnings reports by changing ratings and price targets on companies they respectively cover. Today, we highlighted several Canadian Licensed Producer (LPs) that have been the subject of rating and price target changes by broker-dealers so our readers can have a better understanding of the upside and downside potential associated with the new price targets. 

After Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC)  reported second quarter financial results, broker-dealers responded with a few downgrades and several price target cuts. With the Canadian symbol trading at C$16.99 (as of the closing price on November 11th), we find the price targets to be worth being aware of.  

1. Canaccord Genuity’s rating went to Sell from Hold; price target went to C$12 from C$25
2. CIBC’s rating went to Sell from Hold; price target went to C$12 from C$22
3. Cowen and Company lowered its price target to C$16 from C$22
4. Alliance Global Partners lowered its price target to C$18 from C$20
5. Piper Sandler lowered its price target to $11 from $15

When compared to Canopy Growth, Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB) received better responses from broker-dealers following the release of first quarter financial results. The banks seem to have mixed views on Aurora on post-earnings basis and with the Canadian symbol trading at C$9.53 (as of the closing price on November 11th) we will be monitoring the trend from here.

1. Canaccord Genuity lowered its price target to C$6 from C$6.50
2. CIBC’s rating went to Hold from Sell; price target went to C$9.25 from C$6.50
3. Cowen and Company raised its price target to C$10 from C$8.50
4. ATB Capital Markets lowered its price target to C$5.75 from C$6

Auxly Cannabis Group (TSX: XLY) (OTC: CBWTF) is one of the only Canadian LPs to receive a price target increase ahead of its earnings report. We find the percentage increase from the previous price target to be significant and worth highlighting. The Canadian LP will report third quarter financial results on November 15th and we will monitor the trend ahead of the earnings report. 

1. Raymond James Financial raised its price target to C$0.65 from C$0.40