GLJ Research Recommends Adding to Tilray (TLRY) Short into Q3 Earnings Season
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GLJ Research analyst Gordon Johnson reiterated a Sell rating and $7.00 price target on Tilray (NASDAQ: TLRY) saying they would be adding to short positions into Q3 earnings season or the Canadian cannabis industry.
Johnson commented, "As we warned in our 10/7/19 note titled: “CANNABIS INDUSTRY UPDATE: Are Canadian Provinces the "Big Bad Wolf" to Canadian Cannabis Companies?”, we expect C3Q19 earnings from the bevy of publicly listed Canadian cannabis companies to be (large) downside catalyst(s). We reiterate our (very) negative bias on TLRY, SELL rating, and $7/shr 2020 year-end price objective (-71% downside from yesterday’s closing price). At risk of stating the obvious, we would be adding to the TLRY short ahead of C3Q19 Canadian cannabis earnings season."
The analyst highlighted that HEXO (NYSE: HEXO) cut its Q3 guidance by 40% and withdrew its FY20 outlook.
Shares of Tilray closed at $23.87 yesterday.
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