Shares of Tilray (TLRY) are moving lower after Jefferies analyst Owen Bennett initiated coverage of the shares with an Underperform rating and $61 price target. Underperform is Jefferies' equivalent of a sell rating. Shares of Tilray are down 4%, or $2.97, to $66.75 in premarket trading. Bennett's 10-year discounted cash flow-driven valuation suggests the stock is "too expensive for its outlook." As a company wanting to be a global leader, the names that Tilray needs to be compared to are Canopy Growth (CGC) and Aurora Cannabis (ACB), Bennett tells investors in a research note. However, Tilray's Canada medical share is not in the top four and recent consumer feedback is "not inspiring," adds the analyst. Further, he believes the company's approach to recreational "does not appear as well thought through" and that its "optionality" in the U.S. is "less impressive." As such, Bennett struggles to justify Tilray's current valuation.

Tilray Brands announces a series of 420-events, celebrations, and environmental initiatives in the U.S. across Tilray's craft beer brands. Celebrating community, craft brewing excellence, and environmental stewardship, Tilray's craft brands, including SweetWater Brewing, Blue Point Brewing, Redhook Brew, 10 Barrel Brewing, Breckenridge Brewery, and Montauk Brewing, are hosting memorable events and launching specialty brews that reflect each brand's commitment to sustainability, creativity, and the spirited celebration of 420.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here