Cowen analyst Vivien Azer raised the price target on Tilray (NASDAQ: TLRY) to $23.00 (from $20.00) while maintaining an Outperform rating.

The analyst commented, "We are taking down our revenue and EBITDA estimates for TLRY, as we expect COVID challenges in Canada to remain a headwind. In addition, TLRY faces tough market share comps, where it has retraced from peak levels. However, we look for market share to stabilize following the completion of the merger with APHA. Maintain Outperform."