Cantor Fitzgerald analyst Pablo Zuanic on Wednesday reiterated an overweight rating on Canada’s Aurora Cannabis Inc. and reduced his price target to $3 a share from $3.12 a share. Zuanic said he expects no significant changes in top line trends in the coming quarter, after Aurora reported flat sequential fourth-quarter sales of about C$50 million. The company’s medical cannabis business with a 24% share in Canada as well as its presence in key markets overseas such as Germany now accounts for more than 80% of gross profits. “Aurora is arguably among the best positioned companies (of only a handful) to benefit as Germany grows its medical market and legalizes rec, and as other European markets also follow,” Zuanic said. Shares of Aurora Cannabis are down 0.7% in premarket trades.
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