Jushi Holding (JUSHF) PT Raised to $8.50 at Cantor Fitzgerald
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Cantor Fitzgerald analyst Pablo Zuanic raised the price target on Jushi Holding (OTC: JUSHF) to $8.50 (from $7.05) while maintaining a Neutral rating.
The analyst commented, "We have updated our model to reflect the C$65Mn share offering (6.5mn subordinate voting shares), and also factor the 15% over allotment option. We estimate net proceeds will be US$56Mn, and the share count will increase by 7.5mn. In total, we calculate Jushi will have raised close to $175Mn in net proceeds between cal 4Q20 and 1Q21; we model net cash of $98Mn by March end. We take the share count at 261mn now (164mn proforma outstanding, 81mn warrants, and 18mn RSUs/options). Our estimates also reflect our latest state by state projections; in CY21, we believe that PA and IL should be the main contributors to revenue."
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