Information Provided By:
Fly News Breaks for March 3, 2020
Mar 3, 2020 | 07:18 EDT
Benchmark analyst Mike Hickey lowered the firm's price target on Tilray to $12 from $28 after the company disappointed with Q4 sales and adjusted EBITDA that missed consensus, primarily reflecting declining bulk sales, operating expense growth and "an anemic retail buildout throughout Ontario and Quebec." However, he keeps a Buy rating on Tilray as he remains encouraged on the cannabis 2.0 launch of value-added products in Canada and thinks additional retail stores should provide a path toward positive adjusted EBITDA, Hickey tells investors.