Eight analysts upgraded their target prices on two Canadian stocks in the past week, giving both more than 65% upside potential. Analysts pushed up their expectations for VerticalScope , a developer of social media platforms, and Cresco Lab , a medical cannabis maker, after they reported their fourth-quarter results.
line "With the company exercising prudent costs controls and better profitability exiting 2023, and with a number of potential regulatory catalysts on the horizon, we view the setup for CL as incrementally more favorable," the analysts said in a note to clients on Mar. 15. Investment banks Beacon Securities and Alliance Global Partners are significantly more bullish on the stock, giving it upside of 110% and 75%, respectively.
line "The positive trends through H2/23 and Q4/23 in particular, coupled with fairly clear indications from management of further strength in digital advertising going into Q1/24, suggests a meaningful uptick in the revenue outlook," said Canaccord analyst Aravinda Galappatthige in a note to clients on Mar. 14. "In Q1/24, we expect the company to return to revenue growth for the first time since Q3/22 .