GrowGeneration (NASDAQ: GRWG) wasn’t the most popular marijuana company on the market Tuesday following a recommendation cut from an analyst tracking the hydroponics retailer. Alliance Global Partners prognosticator Aaron Grey downshifted his outlook on the shares; he now considers them a neutral from the previous buy.
At the same time, however, he boosted his price target on GrowGeneration stock to $54 per share. Formerly, this stood at $45.
In his research note, Grey wrote that despite the company’s recent raise in guidance, its valuation is now full — hence, the recommendation change to neutral.