One cannabis stock is falling after an analyst says, 'Sell.'
Shares of Aurora Cannabis Inc. ACB, -3.87% dropped 5.9% in premarket trading Monday, after Stifel Nicolaus analyst Andrew Carter recommended selling the Canada-based cannabis company following disappointing quarterly results. Carter cut his rating to sell from hold and slashed his price target to C$5, which is 36% below Friday's closing price, from C$7. The U.S.-listed shares closed Friday at $5.95.
He wrote in a note to clients that Aurora's fiscal fourth-quarter results point to a "less robust in-market performance and difficulty to continue positioning for the larger global opportunity." Carter said he believes Aurora's financing efforts will be "challenged" against a backdrop of "overwhelmingly negative investor sentiment" towards the sector, damaged credibility and limited near-term catalysts to drive enthusiasm. Aurora's U.S.
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