Cronos (CRON) shareholders enjoyed a quick, one-day, near-11% surge in share price Wednesday, and they didn’t have earnings to thank for it this time. In fact, Cronos’s May 9 earnings announcement actually only led to a 9% gain in the stock.
Instead, they had Bank of America (BofA).
On Wednesday, BofA’s Christopher Carey published what he called a “double-upgrade” of Cronos shares, flipping all the way from “underperform” to “buy” in an instant, with a new target price of $20, which implies nearly 30% upside from current levels. (To watch Carey’s track record, click here)