The analyst downgraded HEXO to "underperformer" status from "neutral" and dropped his price target for the company to C$3 from C$4. The downsize comes shortly after the Quebec-based cannabis firm walked back its 2020 market outlook due to stifling retail and regulatory conditions and weak fourth quarter results. Earlier in the year, HEXO completed its acquisition of then-public firm Newstrike Brands. HEXO shares dropped 11.1 percent in Toronto across the trading day on Thursday. The firm was sitting at C$3.07 as of 2:28 p.m. EDT on Monday (October 28).