UPDATE: Benchmark Downgrades Tilray (TLRY) to Hold on Valuation
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Benchmark analyst Mike Hickey downgraded Tilray (NASDAQ: TLRY) from Buy to Hold with a $32 price target.
The analyst commented, "TLRY delivered better than expected F4Q20 performance and delivered positive Adjusted EBITDA, as guided. We are downgrading to Hold from Buy based on valuation as the share price has exceeded our prior $12 PT by 163%. The proposed merger with Aphria is expected to close in F2Q21 and should create the world largest cannabis Company based on pro-forma revenue and with a target of C$100M in anticipated pre-tax synergies that should enable a step up in profit."
Shares of Tilray closed at $34.35 yesterday.
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