After the company’s dismal third-quarter earnings, analysts downgraded the stock. Analysts’ estimate shows how they think the company is doing in terms of profitability.

Notably, CIBC downgraded HEXO to “neutral” from “outperform” and reduced the target price to 8.5 Canadian dollars from 9.5 Canadian dollars. Oppenheimer also downgraded the stock to “perform” from “outperform.”

According to Cantech Letter, Beacon Securities analyst Russell Stanley is very optimistic about HEXO’s growth after its third-quarter results. The analyst thinks that HEXO could benefit from more diversification. Stanley was happy that the company’s net revenues of $13.0 million beat his estimate of $10.2 million.