In a recently released analyst research report, Northland Securities, Inc. Managing Director and Senior Research Analyst covering Special Situations, Paul Penney, reiterated his buy rating on shares of Planet 13 Holdings Inc. (CSE:PLTH) (OTC:PLNHF) with a high-minded price target.
Paul Penney’s price target of $3.75 USD per share implies a potential upside of approximately 151.68% based on the last traded price of $1.49 USD on the OTC markets.
Why Penney is Bullish on Planet 13
Just yesterday, the Midas Letter reported that Planet 13 signed a deal with Tyson Ranch, Mike Tyson’s marijuana brand. Additionally, it was reported that Planet 13 has started construction on its 2,000 square foot event space at its cannabis entertainment complex in Las Vegas, Nevada.
Also, in a recent interview, Planet 13 Holdings Co-CEO Bob Groesbeck stated confidently that the company is “the biggest pony on the planet.” In terms of a catalyst to help Planet 13 reach such a high price target, SmallCapPower says that “Groesbeck is very confident there is much higher revenue and profit in the future as the Company rolls out its concept across the United States.”
According to AnalystRatings.com, “Based on Planet 13 Holdings Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $824.9K. In comparison, last year the company had a GAAP net loss of $600.”
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