In a recently released analyst research report, Piper Jaffray‘s Senior Research Analyst covering packaged food, tobacco, and cannabis, Michael Lavery, reiterated his buy rating on shares of international cannabis conglomerate Tilray Inc. (NASDAQ:TLRY), but dropped his price target.
This update to guidance comes just two weeks before Tilray is expected to report results for the first quarter ended March 31st, 2019 on Tuesday, May 14th, 2019 after market close.
Dropped from $90.00 USD per share, Michael Lavery’s new price target of $84.00 USD per share still implies a potential upside of approximately 59.30% based on the last traded price of $52.73 USD per share on the NASDAQ.
According to TheFly, “Piper Jaffray analyst Michael Lavery lowered his price target for Tilray to $84 from $90 after trimming his Q1 revenue estimate by $9M to reflect more modest industry sales growth. However, the analyst expects “strong” industry growth long-term. Tilray is well positioned to be one of several likely winners, especially given its relationships in medical, in the U.S., and in beverages, Lavery tells investors in a research note. While Tilray is less focused on near-term growth than its competitors, it looks well positioned for medium to long-term success, says the analyst, who keeps an Overweight rating on the shares.”
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