Green Thumb Industries (GTBIF) PT Raised to $17 at Needham

Needham analyst Matt McGinley raised the price target on Green Thumb Industries (OTC: GTBIF) to $17.00 (from $15.50) while maintaining a Buy rating.

The analyst commented: "Green Thumb had a strong 1Q24 with better-than-expected 11% top-line growth, which, combined with greater scale and efficiency gains, generated its best quarterly gross and EBITDA margins since 2021. EBITDA rose 19% YoY, cash flow generation was exceptionally strong, and GTI continued to repurchase shares. The company is in a good position to refinance and retire a portion of its $225mn debt that matures in April 2025. With the growth of retail units and a burgeoning wholesale business, we expect margins to strengthen and free cash flow generation to improve materially on significantly lower capex this year."

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