Green Thumb Industries (GTBIF) PT Lowered to $50 at Cantor Fitzgerald
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Cantor Fitzgerald analyst Pablo Zuanic lowered the price target on Green Thumb Industries (OTC: GTBIF) to $50.00 (from $62.00) while maintaining an Overweight rating.
The analyst commented, "We stay Overweight and increase EBITDA estimates, but lower the 12-month price target to $50 from $62 as we start to reign in our valuation multiples into a tighter range owing to sectoral volatility and regulatory uncertainty. Green Thumb beat FactSet consensus 4Q20 sales estimates by 7%. In 2021, we think the company should benefit from continued demand growth in its key states (which should boost the retail business), but that expanded cultivation capacity will be more of a driver only later in the year. We are increasing our estimates, and now project CY21 EBITDA of $312Mn (vs. $288Mn before) and CY22 EBITDA of $460Mn (vs. $411M before); the CY22 FactSet consensus EBITDA estimate is at $427Mn. That said, the company pointed to muted seq sales growth in 1Q21. Given sector volatility (MSOS ETF up 31% YTD, down 7% last 30 days), we have lowered the 12-month price target to $50 (from $62). We stay Overweight and continue to see significant upside beyond the 1-year horizon."
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