Tilray (TLRY) PT Lowered to $2 at Benchmark

Benchmark analyst Mike Hickey lowered the price target on Tilray (NASDAQ: TLRY) to $2.00 (from $3.00) while maintaining a Sell rating.

The analyst commented, "TLRY delivered disappointing F1Q23 financial results, with revenue and profit both missing Benchmark estimates. TLRY missed consensus view on revenue and was essentially in-line on profit. TLRY reiterated profit and free cash flow guidance, although noted both should be back end loaded. Free cash flow was a negative $48M in the quarter, requiring a meaningful step-up to be break-even by FY23 year end. We’re more positive on U.S. legalization over the medium term, but recent actions from Biden will likely not provide TLRY a near term path into the U.S. market. We reiterate our Sell rating and reduce PT to $2 from $3."

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