Curaleaf (CURLF) PT Raised to $6.25 at Needham

Needham analyst Matt McGinley raised the price target on Curaleaf (OTC: CURLF) to $6.25 (from $5.25) while maintaining a Buy rating.

The analyst commented: "Curaleaf reported a softer-than-expected 1Q24, with a (2)% sequential decline in revenue and a 140bps margin decline, driven by a solid increase in gross margin that was more than offset by G&A growth. Curaleaf affirmed its guidance for mid-single-digit revenue growth, a gross margin of 50%, and EBITDA in the "mid-20% range" for 2024. In 1Q, revenue grew 1.8% YoY, the gross margin was 47.6%, and EBITDA was 22.6%. This was a somewhat middling quarter—nothing too bad or too great. However, it was a slow start for what Curaleaf hopes to achieve in '24, with most metrics well below annual targets. Slow starts require a more rapid finish."

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