SNDL Stock Forecast: Sundial Growers rises as markets rally from early session losses

NASDAQ:SNDL gained 2.83% during Tuesday’s trading session.
More analyst downgrades plague the cannabis sector.
A Brazilian investment firm is providing international exposure to the cannabis market.

Stocks Reporter FXStreet

NASDAQ:SNDL inched higher out of the July 4th long weekend, and rallied higher as the broader markets erased losses from early morning trading. On Tuesday, shares of SNDL rose by 2.83% and closed the trading day at $0.34. The stock is still a far cry from the $1.00 minimum that the NASDAQ requires for listing, although the company has been granted a further extension until August to rectify the situation. US markets closed higher for the most part as investors shrugged off lingering fears of a recession. The Dow Jones was the lone index in the red after a loss of 129 basis points, while the S&P 500 and the NASDAQ gained 0.16% and 1.75% respectively.

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Another round of analyst downgrades has hit Canadian cannabis stocks. On Tuesday, Canopy Growth (NASDAQ:CGC) saw another downgrade, this time from Bank of America. The firm has an Underperform rating for the stock and lowered its price target from $3.00 to $2.33. Over on the Toronto Stock Exchange, Cowen downgraded shares of Aurora Cannabis (TSE:ACB) from $4.00 CAD to $1.85. It’s been a tough run for Canadian cannabis companies, and it doesn’t seem like Wall Street analysts are feeling anymore bullish for the next twelve months.

Sundial stock price

A Brazilian investment firm is providing investors with direct exposure to the North American cannabis industry. For as little as 100 Brazilian reals, investors can buy shares of the fund Trend Cannabis FIM which holds positions in the broader ETF called ETFMG Alternative Harvest. This ETF is US-domiciled and holds stocks like Cronos Group (NASDAQ:CRON), Aurora Cannabis, and Canopy Growth.

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