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Cannabis Watch: Aurora Cannabis weighs on sector after BofA downgrade highlights its cash burn

Aurora Cannabis shares tumbled Thursday to pull the overall sector lower, after an analyst at Bank of America Merrill Lynch downgraded the stock on concerns about the rate at which it spending cash.

BAML analyst Christopher Carey downgraded the stock to neutral from buy and lowered his price target to $8 from $10, or about 15% above its current trading level. Aurora’s U.S.-listed shares ACB, -5.67%ACB, -5.99% slid 7%.

“Aurora has emerged as one of the best operators in the cannabis sector, with industry leading scale and margins even versus other large peers, and global optionality,” Carey wrote in a note to clients.

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