Tilray (TLRY) PT Lowered to $2.50 at TD Cowen

TD Cowen analyst Vivien Azer lowered the price target on Tilray (NASDAQ: TLRY) to $2.50 (from $3.00) while maintaining an Outperform rating.

The analyst commented, "TLRY reported 1Q24 revenues and adj. EBITDA ahead of our expectations by 2% and 15%, respectively. Segment level gross margins in Beverages and Distribution exceeded our forecasts, driving adj. EBITDA of $11.4 mm, $1.5 mm above our estimate. FY24 adj. EBITDA guidance of $68-78 mm remains in place as it will take time for synergies across the new craft beer portfolio to be realized."

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