- NASDAQ:SNDL gained 5.41% during Friday’s trading session.
- Aurora Cannabis receives a stock upgrade from a familiar analyst.
- Cannabis stocks close out strongest week in months on no real industry news.
NASDAQ:SNDL rose again on Friday as the once popular meme stock posted a 33% gain over the past five trading days. Shares of SNDL added a further 5.41% on Friday, and closed the trading week at $0.39. The broader markets soared into the weekend as a University of Michigan report on consumer preference indicated that inflation in the US economy would be tamed to a level of 5.3% over the next twelve months. Stocks rallied following the report as the Dow Jones jumped by 823 basis points, the S&P 500 gained 3.06%, and the NASDAQ rose by 3.34% to close the week. All three major indices snapped three-week losing streaks after posting the worst week of trading since March of 2020.
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Sundial’s domestic Canadian rival, Aurora Cannabis (NASDAQ:ACB), received a bullish upgrade from Cantor Fitzgerald on Friday. Analyst Pablo Zuanic raised his rating from Neutral to Overweight. Zuanic pointed to the rapidly growing European market as a way for Aurora to get back in the good graces of its investors. Zuanic currently has a Hold rating for Sundial’s stock and a price target of $0.48.
Sundial stock forecast
The Cannabis sector had one of its strongest performances of the year in the shortened Juneteenth holiday week. Sundial added 33% over the past five trading days, while Tilray (NASDAQ:TLRY) and Aurora gained 16.8% and 21.4% during that same timeframe. There wasn't any specifically bullish news from the industry, rather it seems that many of the stocks are finally forming a near-term bottom. All of these stocks are still down significantly in 2022, and are trading in the single-digits.
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