Cronos Group (CRON - Get Report) and Tilray (TLRY)  were rallying Wednesday after analysts at Bank of America and Oppenheimer published bullish notes, respectively, on the cannabis companies.

Cronos received a rare double upgrade from Bank of America analyst Christopher Carey, who upgraded the stock to buy from underperform while raising his price target to $20 from $13, representing a potential 39% upside. 

"While clearly a high multiple even vs peers, following recent mgmt comments, we have improved confidence CRON is near announcing its launch, in our view a significant catalyst: (1) improving near-term visibility in the largest market for cannabis derived compounds in the world, (2) CRON beginning to flex its near group-leading balance sheet (C$2.4bn cash) and partnerships (Altria, MO) to begin a transformation we see creating a vastly different co. in the years ahead," Carey said. 

Meanwhile, Oppenheimer analyst Rupesh Parikh initiated coverage of Tilray with a perform rating, stating that the company's short-term headwinds are offsetting longer-term positives.

"We look favorably on Tilray's ability to capitalize on the longer term growth opportunities globally, but we believe the combination of a full valuation and the potential for a slower ramp in Canada given supply shortages in an 'asset-light model' limit the potential for outperformance near term. Recent company commentary from the Q1 (May) earnings call suggests the potential for supply shortages to last 12-24 months," Parikh wrote. 

Cronos shares were rising 9.43% to $15.78 in trading while Tilray shares fell 2.3% to $35.65.

Canopy Growth (CGC - Get Report) shares were down 1% to $40.59. 

Aurora Cannabis (ACB - Get Report) was down 2.3% to $7.69. 

ETFMG Alternative Harvest ETF (MJ - Get Report) was up .22% to $31.69. 

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