Jefferies Double Upgrades Tilray (TLRY) to Buy as Merger a 'Perfect Match'
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(Updated - May 7, 2021 7:25 AM EDT)
Jefferies analyst Owen Bennett upgraded Tilray (NASDAQ: TLRY) from Underperform to Buy with a price target of $23 following the merger with Aphria. The stock was also made a top pick.
The analyst commented, "For us, when Aphria and Tilray combined, it was the perfect match. In Canada, a leading portfolio of brands, supported an efficient cost structure. In Europe, the market is now picking up, while Tilray's scale and Aphria's unique German positioning make it perfectly suited to succeed. And in the US, the combined company's broader consumer goods portfolio and strong BS supports excellent optionality around both US THC and CBD. Upgrade Tilray to Buy; PT $23."
Shares of Tilray closed at $14.15 yesterday.
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