After CGC tumbled 24% yesterday it made sense to pre-empt questions that I’m sure many subscribers are considering this morning i.e. is it time to buy back into CGC? The outlook delivered at yesterdays AGM was very disappointing and the horticultural business feels like it might be thrown into the too hard / serial underperformer basket – if in doubt stay out. They’ve had a very strong backdrop/tailwind in recent times but they haven’t been able to capture a commensurate uplift in earnings. At this stage we are happy to sit back and watch how the market interprets the latest downgrade.
MM is neutral CGC
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