In a recently released analyst research report, Eight Capital analyst, Graeme Kreindler, cut their price target on shares of international marijuana conglomerate Tilray Inc. (NASDAQ:TLRY) due to an overall shift in the Canadian cannabis industry.
This announcement comes just a couple of weeks after Tilray Inc. reported its fiscal Q1 2019 earnings results, and just a few days after the company announced GMP certification of its Portugal facility, but that wasn’t enough to keep the bullishness alive.
According to The Globe and Mail, “Eight Capital slashed price targets for the majority of Canadian licensed cannabis producers that it covers on Monday, as the Canadian market shifts.”
Graeme Kreindler’s Tilray price target of $55.00 USD per share implies a potential upside of approximately 58.68% based on the last traded price of $34.66 USD per share on the NASDAQ.
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