UPDATE: Tilray (TLRY) PT Lowered to $80 at Benchmark
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(Updated - August 14, 2019 9:04 AM EDT)
(updated to correct prior PT)
Benchmark analyst Mike Hickey lowered the price target on Tilray (NASDAQ: TLRY) to $80.00 (from $200.00) while maintaining a Buy rating.
The analyst comments "TLRY delivered a mixed fiscal 2Q19 financial performance, with sales upside versus consensus although profitability disappointed; adult use sales grew 91% sequentially. Gross margins expanded sequentially and should trend favorably through year end, although near term profitability aspirations have been abandoned as TLRY seeks to grab additional share in the emerging global cannabis market. Key sales catalysts include the upcoming legalization of cannabis edibles in Canada and the U.S. CBD market. We remain cautious on the Canadian regulatory construct, and expect on-going supply and distribution constraints."
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