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Fly News Breaks for January 15, 2020
Jan 15, 2020 | 06:41 EDT
Jefferies analyst Owen Bennett views the rally in Tilray shares yesterday following the appointment of a new CFO and COO, as well as an upbeat tone from the CEO at an industry conference, as overdone. The stock closed Tuesday up 22%, or $3.85, to $21.22. The analyst has reservations on Tilray's near term CBD opportunity in the U.S. given the FDA's "seemingly cautious" stance on the use of CBD in foods. As such, Bennett would not welcome a material step-up in spending at Tilray, which he believes would be needed to support a launch in "such a fragmented industry." The analyst keeps a Hold rating on Tilray shares with an $18 price target.