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Shares of Canopy Growth Corp. surged Tuesday after a surprise upgrade from the Bank of Montreal’s cannabis analyst, who raised her target price from $25 to $40 citing anecdotal accounts from cannabis companies that value-priced brands, particularly Canopy’s, are outselling higher-priced product lines at the retail level.

“Following the stock’s notable sell-off last year driven by a sub-optimal product mix (gel caps) and industry-wide challenges, we believe there is potential upside to Street expectations for FQ3/20 driven by the company’s pivot into a recreational product mix that should now be better aligned with demand,” Tamy Chen wrote in a Tuesday morning note.

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Chen also raised her target rating on the stock from “hold” to “buy.”