In a recently released analyst research report, Piper Jaffray‘s Senior Research Analyst covering packaged food, tobacco, and cannabis, Michael Lavery, just reiterated his “Overweight” buy rating on shares of Tilray, Inc. (NASDAQ:TLRY) with a higher price target.
Michael Lavery’s new price target of $90 USD per share implies a potential upside of approximately 15.43% based on the last traded price of $77.97 USD on the NASDAQ.
After some recent channel checks in California, and meetings with various companies, Lavery is confident that the potential for U.S. upside in a post-prohibition environment is a major catalyst.
According to StreetInsider, “the analyst expects CBD from hemp to continue to grow rapidly, including in smokeable form continued prohibition of interstate marijuana which could complicate national ambitions for brands and add leverage to retailers. Additionally, emerging US brands (MedMen, Pax, Lowell) have early consumer traction the fragmentation of the US market leaves room for Canadian operators like Canopy and Tilray to enter post-prohibition.”
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