In a recently released analyst research report, BMO Capital Markets equity research analyst, Tamy Chen, CFA, upgraded her rating on shares of Tilray Inc. (NASDAQ:TLRY) from Underperform to Market Perform, but lowered her price target at the same time. Despite this, her price target still suggests some small upside to come.
Tamy Chen’s TLRY price target of $50.00 USD per share implies a potential upside of approximately 2.59% based on the last traded price of $48.74 USD per share on the NASDAQ.
Chen’s updated analyst guidance comes just hours after Tilray Inc. reported financial results for the first quarter that ended March 31st, 2019.
According to TheFly, Tamy Chen upgraded Tilray to a Market Perform due to a “notable downtrend” in Tilray stock year-to-date which warranted a valuation-driven upgrade. That being said, after its “in line” Q1 results, she revised her estimates of a “more gradual” industry production ramp.
“The analyst maintains his view that Tilray’s output ramp to Canadian market has lagged some of the other large licensed producers, lowering his FY20 adjusted EBITDA outlook to $17M from $96M.”
Be sure to subscribe to updates here so you never miss an important development.
Get Real-Time Updates from MJobserver.com