Piper Sandler Lowers Green Thumb Industries Rating & Price Target Before Q4 Earnings Release

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Piper Sandler downgraded Green Thumb Industries (CNSX: GTII) (OTCMKTS: GTBIF) from ‘Overweight’ to ‘Neutral’ and cut its price target from US$18 to $10 ahead of the company’s Q4 2022 earnings release. The downgrade is primarily attributed to the uncertainty surrounding federal regulatory reform in the cannabis industry and nagging operating headwinds, rather than the company’s operational performance. Other analysts, like Cowen’s Vivien Azer, also hold a dim view on the prospects of near-term federal cannabis reform.

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