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Canaccord Initiates Coverage, Issues 'Speculative Buy' Rating on MedReleaf

November 2, 2017

 (Photo Credit - Nick Youngson)

 

Canaccord Genuity's Matt Bottomley just issued a 'speculative buy' rating on shares of MedReleaf Corp. (TSX:LEAF) (OTC:MEDFF) alongside a price target of $15.00 CAD per share. MedReleaf currently has an average price target of $13.00 CAD per share, and out of the four analysts we track that cover MedReleaf, Bottomley's price target is the highest. 

 

With a last trade price of $13.03 CAR for shares of MedReleaf on the TSX, this price target represents over 15% potential upside.

 

Bottomley wrote, "“We are initiating coverage of MedReleaf Corp. with a SPECULATIVE BUY rating and a C$15.00 target price. We believe of the 69 licenses granted by Health Canada to over 50 companies, MedReleaf currently is an industry leader on several fronts, including (1) having likely the second-highest market share among Licensed Producers (LPs) at ~17%; (2) operating at one of the larger built capacities in the space at ~14,000 kg; (3) producing a leading assortment of product offerings; (4) being one of only a few Good Manufacturing Practices (GMP) licensed producers in Canada; and (5) perhaps most importantly, as one of the lowest-cost producers among indoor cultivators in Ontario with a cash cost of ~$1.50.”

 

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