One of our top picks in the cannabis industry is Aurora Cannabis (ACB.TO). We recently published a very bullish Aurora Cannabis forecast, and see that the stock is moving in the right direction. There is momentum in the industry as per our Cannabis Canada stock forecast, and it justifies being our top favorite to be one of the TOP 3 investing opportunities of 2019. In this article we follow up on today’s bullish development for Aurora Cannabis.
MarketWatch.com, among several other media outlets, reported today that analysts at Cowen & Co. tipped Aurora Cannabis will likely be among the first Canadian cannabis companies to reach profitability. It called Aurora Cannabis as its top pick in cannabis stock replacing Canopy Growth (WEED.TO).
The 3 major benefits that Cowen & Co. called out as they did upgrade Aurora Cannabis to become their top cannabis stock pick:
- Aurora Cannabis would likely be able to push a key profitability metric into the black before other cannabis stocks.
- Aurora Cannabis has early gains in Canada’s recreational market, and it benefits from immense cultivation capability advantages.
- Aurora’s presence in 23 international markets should boost its ability to capture global market share.
Cowen is expecting Aurora to generate revenue of C$305 million in fiscal 2019, rising to C$742 million by fiscal 2020 and to C$1.34 billion by fiscal 2022.
Aurora Cannabis: Plenty of upside potential to the stock chart
The chart setup of Aurora Cannabis is really gorgeous. It has a great chart setup because of its rising triangle, a very bullish setup.
Moreover, Aurora Cannabis has this giant triple top is likely going to morph into a breakout as both the cannabis industry is gathering momentum but also Aurora Cannabis is getting more upgrades from analysts.
Note that the current formation is very similar to the one in 2017/2018: a triple top breakout in a rising triangle setup. This combination of a rising triangle with a triple top breakout is extremely bullish, in general, as a chart setup.
We stick to our major (blow off) top with a $75 price target approx in 2020.
TOP CRYPTOCURRENCIES TO BUY: Which top crypto tips are flashing a BUY signal now? Which to avoid? Top notch guidance on how to play the grand bull market in crypto from InvestingHaven's research team, only for $2 per week. Crypto & Blockchain investing service >>