Curaleaf (CURLF) PT Raised to $26.50 at Cantor Fitzgerald Following Q4 Results
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Cantor Fitzgerald analyst Pablo Zuanic raised the price target on Curaleaf (OTC: CURLF) to $26.50 (from $23.50) while maintaining an Overweight rating.
The analyst commented, "Curaleaf reported 4Q20 results yesterday after the close, issued guidance, and discussed its European acquisition. Sales guidance for 2021 is in line with our estimates/consensus, and so is the EBITDA margin outlook. Macro issues and COVID explain a slight sales miss in 4Q20, and 1Q21 sales guidance being set below estimates. But to us, the two main themes from Tuesday’s print/call, were the a) increasing evidence of the company leveraging its national scale and capabilities to expand market leadership and profitability in the US market, and b) a $285Mn acquisition in Europe that signals the company’s global ambitions. Canadian LPs without CPG backing trade at 6-10x CY22 on our sales estimates, so we now value Curaleaf at 10x on our proforma CY22 sales estimate ($1.9Bn US and $100Mn EMMAC), which yields a price target of $26.50. We think that the company’s track record and goodwill built over the past four years (from a C$300Mn market cap in 2017 to C$12.5Bn now) should encourage investors to take the company’s global ambitions seriously."
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Related EntitiesCantor Fitzgerald, Definitive Agreement
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