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TLRY

Tilray

$61.38

10.12 (19.74%)

, STZ

Constellation Brands

$209.09

1.94 (0.94%)

13:26
08/29/18
08/29
13:26
08/29/18
13:26

Tilray downgraded to Neutral on valuation at Roth Capital

As previously reported, Roth Capital analyst Charles Finnie downgraded Tilray (TLRY) to Neutral from Buy, citing valuation, noting that the stock has advanced nearly 2.5 times since going public last month. While Tilray reported strong results and "appears to be on track for a very impressive 2019," Finnie believes the stock's current levels reflect "a highly speculative M&A scenario" following Constellation's (STZ) $4B investment in market leader Canopy Growth (CGC), he tells investors. Though he cut his rating, Finnie raised his price target on Tilray shares to $54 from $35.

TLRY

Tilray

$61.38

10.12 (19.74%)

STZ

Constellation Brands

$209.09

1.94 (0.94%)

STZ.B

Constellation Brands

$209.68

-0.37 (-0.18%)

CGC

Canopy Growth

$45.28

2.28 (5.30%)

  • 04

    Sep

  • 28

    Oct

TLRY Tilray
$61.38

10.12 (19.74%)

08/13/18
COWN
08/13/18
INITIATION
COWN
Outperform
Tilray initiated with an Outperform at Cowen
08/27/18
COWN
08/27/18
NO CHANGE
Target $34
COWN
Outperform
Tilray remains well positioned in cannabis market, says Cowen
Cowen analyst Vivien Azer believes Tilray remains well positioned to benefit from a legal recreational cannabis market in Canada. She noted it is an emerging industry and is subject to regulatory headwinds and she believes much work is needed for the industry to reach its full potential. Azer reiterated her Outperform rating on Tilray shares with a price target of $34. Tilray shares closed at $43.86 on Friday and in pre-market trading are up nearly 15% to $50.34.
08/29/18
ROTH
08/29/18
DOWNGRADE
ROTH
Neutral
Tilray downgraded to Neutral from Buy at Roth Capital
08/14/18
ROTH
08/14/18
INITIATION
Target $35
ROTH
Buy
Tilray initiated with a Buy at Roth Capital
Roth Capital analyst Charles Finnie started Tilray with a Buy rating and $35 price target. Although not the largest player, the company's unsurpassed product quality and cultivation expertise compare favorably to the leading Canadian Licensed Producers, he contends. The analyst expects revenues to grow at 40% plus annual rate over the next three to five years, with earnings growing considerably faster with expected operating margin expansion.
STZ Constellation Brands
$209.09

1.94 (0.94%)

08/20/18
08/20/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Constellation Brands (STZ, STZ.B) downgraded to Negative from Neutral at Susquehanna with analyst Pablo Zuanic citing valuation. 2. Infosys (INFY) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Parag Gupta citing a belief that concerns around senior management exits will remain an overhang on the stock. 3. YogaWorks (YOGA) downgraded to Market Perform from Outperform at Cowen with analyst Oliver Chen saying he sees risk to visitation and revenue trends with the company's medium-term priorities of pulling back on promotions and marketing. 4. News Corp. (NWSA) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Andrew McLeod saying its Australian payTV unit, Foxtel, will launch a new OTT sports service by the end of 2018, which presents the "obvious risk" that its existing subscriber base and high ARPU will come under pressure. 5. Park Hotels & Resorts (PK) downgraded to In Line from Outperform at Evercore ISI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/22/18
RBCM
08/22/18
NO CHANGE
Target $300
RBCM
Outperform
Constellation Brands price target raised to $300 from $280 at RBC Capital
RBC Capital analyst Nik Modi raised his price target on Constellation Brands to $300 and kept his Outperform rating, saying investors should accumulate shares on this pullback as the company's decision to increase its stake in Canopy Growth is a "very smart move". The analyst cites his expectations that the Cannabis market will be a "large-scale, fast-growing, and high-margin category" within the consumer packaged goods industry as it undergoes further decriminalization over the next 1-2 years. Modi further states that Constellation Brands stock is undergoing a shareholder transition from "large-scale upward EPS revisions" to "growth at a reasonable price."
08/29/18
JPMS
08/29/18
NO CHANGE
JPMS
Overweight
JPMorgan left Canopy Growth's analyst day encouraged and impressed
JPMorgan analyst Andrea Teixeira left Canopy Growth's analyst day yesterday encouraged about the potential growth of the industry. Constellation Brands (STZ) recently announced its intention to increase its stake in Canopy Growth' to 35% with a path to full control in the next three years, Teixeira reminds investors in a research note. While Canopy offered nothing specific related to Constellation's financial outlook, Teixeira came away encouraged about the potential growth of the industry in the coming years in Canada and was "very impressed" by the company's products and operations across both the recreational and medical cannabis segments. She has an Overweight rating on shares of Constellation Brands.
08/20/18
SUSQ
08/20/18
DOWNGRADE
Target $171
SUSQ
Negative
Constellation Brands downgraded to Negative at Susquehanna
As reported previously, Susquehanna analyst Pablo Zuanic downgraded Constellation Brands to Negative from Neutral. The analyst lowered his estimates and rating based on valuation when measured against comps and slower growth. Zuanic lowered his price target to $171 from $199 on Constellation Brands shares.
STZ.B Constellation Brands
$209.68

-0.37 (-0.18%)

08/20/18
SUSQ
08/20/18
DOWNGRADE
SUSQ
Negative
Constellation Brands downgraded to Negative from Neutral at Susquehanna
CGC Canopy Growth
$45.28

2.28 (5.30%)

08/16/18
ADAM
08/16/18
UPGRADE
ADAM
Speculative Buy
Canopy Growth upgraded to Speculative Buy at Canaccord
As reported previously, Canaccord analyst Matt Bottomley upgraded Canopy Growth (CGC) to Speculative Buy from Hold. The analyst believes its deal with Constellation Brands (STZ) is transformational for the company and for the industry as a whole in that the deal represents a commitment from an established, international partner that is a top tier producer/distributor of alcohol worldwide. Bottomley raised his price target to C$50 from C$34 on Canopy Growth shares.
08/16/18
DBAB
08/16/18
NO CHANGE
Target $226
DBAB
Buy
Constellation Brands price target lowered to $226 from $234 at Deutsche Bank
Deutsche Bank analyst Steve Powers lowered his price target for Constellation Brands (STZ) to $226 from $234, telling investors in a research note that yesterday's Canopy Growth (CGC) transaction "caught us off guard, incrementally testing our conviction in a name in which we already had reservations exiting Q1 results." Going forward, the analyst expects Constellation to remain under near-term pressure as investors assess the merits of the cannabis business and struggle with the opportunity costs of chasing it, placing incremental importance on near-term beer/wine/spirits results. Powers maintains a Buy rating.
08/16/18
ADAM
08/16/18
UPGRADE
ADAM
Speculative Buy
Canopy Growth upgraded to Speculative Buy from Hold at Canaccord

TODAY'S FREE FLY STORIES

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THO

Thor Industries

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MTL

Mechel

$3.29

0.335 (11.34%)

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NEW

Puxin Limited

$8.51

0.94 (12.42%)

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MNST

Monster Beverage

$60.26

0.95 (1.60%)

12:00
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COE

China Online Education

$7.00

(0.00%)

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China Online Education rises 15.9% »

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IPOA

Social Capital

$9.88

-0.05 (-0.50%)

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MGTI

MGT Capital Investments

$0.00

(0.00%)

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AXTA

Axalta Coating

$30.16

0.23 (0.77%)

11:50
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Options
Axalta Coating Systems attracts bullish option spreads »

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EAF

GrafTech

$20.10

1.015 (5.32%)

11:49
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TNDM

TNDM

11:45
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Options
Tandem Diabetes call volume above normal and directionally bullish »

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  • 20

    Sep

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BYSI

BeyondSpring

$25.55

(0.00%)

11:44
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09/20
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Conference/Events
BeyondSpring management to meet with RBC Capital »

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  • 20

    Sep

11:43
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Conference/Events
RBC Capital healthcare tech analyst to hold analyst/industry conference call »

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EB

Eventbrite

$0.00

(0.00%)

11:36
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Syndicate
Breaking Syndicate news story on Eventbrite »

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  • 20

    Sep

DNR

Denbury Resources

$5.49

-0.095 (-1.70%)

11:35
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Options
Denbury Resources put volume heavy and directionally bearish »

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  • 24

    Sep

ELAN

Elanco

$0.00

(0.00%)

, LLY

Eli Lilly

$105.79

0.03 (0.03%)

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Syndicate
Elanco opens at $32.25, IPO priced at $24.00 per share »

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ELAN

Elanco

$0.00

(0.00%)

LLY

Eli Lilly

$105.79

0.03 (0.03%)

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  • 20

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ELAN

Elanco

$0.00

(0.00%)

, LLY

Eli Lilly

$105.64

-0.12 (-0.11%)

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Syndicate
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Elanco

$0.00

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LLY

Eli Lilly

$105.64

-0.12 (-0.11%)

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RF

Regions Financial

$19.41

0.25 (1.30%)

11:25
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Options
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CHTR

Charter

$331.64

1.88 (0.57%)

11:25
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Conference/Events
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  • 20

    Sep

ACHV

Achieve Life Sciences

$2.53

0.05 (2.02%)

11:25
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Conference/Events
Achieve Life Sciences to host special shareholder meeting »

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