Piper Jaffray raised its stock price target on Canadian cannabis company Canopy Growth Corp. CGC, -0.24% WEED, -0.04% late Thursday and said the company is well positioned in the emerging and growing market. Analysts Michael Lavery and Jeffrey Kratky raised their target to $60 from $40 and reiterated their overweight rating on the stock. Piper is expecting the global cannabis market to be worth $250 billion to $500 billion long term and to be worth $15 billion to be $50 billion near term. "We believe the long-term growth can be significant - both from transitioning illicit trade to legal sales, medical sales, and from transitioning sales in health & wellness categories to CBD-infused products," they wrote in a note. Canopy's recent success in receiving a legal hemp license in New York is "a tangible first step forward in the U.S. that points to the beginning of a long US growth trajectory," said the note. The analysts nonetheless trimmed their estimates for an initial sales build. They are now expecting 10,000 kg sold for Canopy in the Canadian recreational market in its fiscal third quarter, down from 14,000 kg, or for C$87 million ($65.3 million). Canopy's U.S.-listed shares were up 2.2% premarket and have gained 64% in 2019 so far, while the S&P 500 SPX, -1.11% has gained 5.4%.