Tilray (TLRY) PT Lowered to $84 at Piper Jaffray, Continues to Believe in LT Strategy Focus

Piper Jaffray analyst Michael Lavery lowered the price target on Tilray (NASDAQ: TLRY) to $84.00 (from $90.00) while maintaining a Overweight rating.

The analyst comments "We expect strong industry growth long-term, and we believe Tilray is well positioned to be one of several likely winners, especially given its relationships in medical (Novartis), in the US (Privateer Holdings), and in beverages (AB InBev). In light of Canopy Growth's recently announced agreement to acquire a US multi-state-operator (MSO), we note that Tilray could use a similar, conditional deal playbook to increase its options for US entry beyond Manitoba Harvest (and potentially Privateer). Tilray is less focused on near-term growth (i.e. cultivation capacity) than its competitors, but we continue to believe it looks well positioned for medium to long-term success."

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