Tilray's (TLRY) Aphira Synergies on Track as High Park Closes - BofA Securities
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BofA Securities analyst Heather Balsky reiterated a Buy rating and $21.50 price target on Tilray (NASDAQ: TLRY) after the company announced that it plans to close its legacy High Park Farms facility in Petrolia, Ontario. This closure is accounted for in its previously announced US$80mn of total M&A synergies. The facility accounted for 40% of Tilray’s pre-merger cultivation that will now be absorbed by the Aphria One facility. Additionally, management expects to close High Park Farms by September 2021.
The analyst stated "We do not expect any material costs or cash inflows from this transaction. We continue to view the merger with Aphria as a meaningful positive for the company as it provides both scale and efficiencies".
Shares of Tilray closed at $15.58 yesterday.
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