SNDL Stock Forecast: Sundial Growers inches higher as investors come around on Valens acquisition
- NASDAQ: SNDL gained 0.36% during Tuesday’s trading session.
- Stifel analysts still believe Valens is a risk-adjusted opportunity for investors.
- Tilray Medical receives approval for clinical trials for its CBD products in Australia.
NASDAQ: SNDL rebounded from a tough sell off on Monday as the announced acquisition sank in with investors of the cannabis company. On Tuesday, shares of SNDL edged higher by 0.36% and closed the session at a price of $2.77. Stocks were flat on Tuesday, although all three major indices closed lower for the second straight day. Investors still seem to be pessimistic ahead of the annual Jackson Hole Symposium that begins on Thursday. Overall, the Dow Jones lost 154 basis points, the S&P 500 dropped by 0.22%, and the NASDAQ traded flat for the session.
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While Sundial and the Valens Company (TSE: VLNS) both tumbled on Monday following the merger announcement, some analysts have a different spin on the deal. Analysts at Stifel GMP called Valens stock a risk-adjusted opportunity still, and reiterated the Buy rating. Despite this, Stifel still lowered the price target for VLNS from $3.50 to $1.20 which reflects the price of the all-stock takeover. Despite the positive report, shares of VLNS still fell on Tuesday by 1.87% and closed the trading day in Canada at a price of $1.05 CAD per share.
SNDL stock price
In other cannabis news, Tilray (NASDAQ: TLRY) took another step forward in expanding its products and services into Australia and New Zealand. Tilray’s medical division received authorization for clinical studies in the two countries for its Tilray Purified Oral Solution CBD100 line of products. Tilray is one of the largest providers of cannabis and CBD in Australia and New Zealand for both commercial and medical use.
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