In a recently released analyst research report, Compass Point Research & Trading, LLC Managing Director and Senior Research Analyst covering the cannabis industry, Rommel Dionisio, cut his price target for shares of international cannabis company Tilray Inc. (NASDAQ:TLRY) (FRA:2HQ) to a level that suggests a bit of downside to come.
Rommel Dionisio’s price target of $38.00 USD per share implies a potential downside of approximately 8.26% based on the last traded price of $41.42 USD per share on the NASDAQ.
According to TheFly, “Compass Point analyst Rommel Dionisio lowered his revenue and earnings estimates for Tilray and cut his price target on the shares to $38 from $41 after the Canadian government issued a press release Friday that he said effectively delays the introduction of advanced forms of cannabis until at least mid-December 2019, at the earliest. Licensed cannabis companies must give Health Canada 60-days notice of their intent to sell products such as vapes, beverages, or edibles, but the government will not be accepting any such applications until Oct. 17, noted Dionisio, who keeps a Neutral rating on Tilray shares.”
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