Fly News Breaks for March 3, 2020
Mar 3, 2020 | 07:48 EDT
Stifel analyst Andrew Carter lowered the firm's price target on Tilray to $14.50 from $18 and keeps a Hold rating on the shares after the company reported Q4 revenue and adjusted EBITDA that missed his estimates. While overall revenue missed his forecast, Carter highlighted that the sequential decline in bulk sales suggests an in-line revenue performance despite a difficult market environment. Given that difficult near-term environment, however, the company is unlikely to provide evidence toward meeting its improving gross margin performance and accelerating revenue targets that would be needed to "bring enthusiasm to the shares," Carter said.
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