JP Morgan just came out with a very bullish BUY RECOMMENDATION on a top cannabis stock.
The firm just initiated coverage of GW Pharmaceuticals (NASDAQ: GWPH) with an “outperform” rating and a $134 price target.
That’s a 23% premium to the recent share price.
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JP Morgan thinks that GW Pharma’s FDA-approved epilepsy drug could be a blockbuster.
Specifically, the firm says Epidiolex sales could surge past $1 billion per year by 2023.
This is the first major Wall Street firm to recommend shares of GW Pharmaceuticals. Other recommendations have come from boutique firms or those focused on the cannabis sector.
This news bolstered the entire market for cannabis stocks.
It’s an indication that Wall Street’s biggest firms are getting hot on pot stocks.
The timing couldn’t be better. After a major selloff since mid-October, these stocks are trading at dirt-cheap prices.
Every successful investor knows the famous adage of “Buy Low, Sell High.”
Just check out this two-year chart of GWPH to see why JP Morgan is issuing a BUY recommendation on this top cannabis stock right now.
The firm’s analysts know that GW shares are a bargain at just over $100.
After the recent selloff, pot stocks like this top cannabis stock are one of the best places to invest growth capital.
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