In a recently released analyst research report, Roth Capital Partners‘s Director and Research Analyst, Scott Fortune, just reiterated their hold rating on shares of international cannabis conglomerate Tilray Inc. (NASDAQ:TLRY) with no price target. For those who are wondering why there’s no price target assigned, earlier this year, Fortune removed his price target from shares of Tilray due to extreme share price volatility.
This comes just a day after Northland Securities, Inc.‘s Senior Research Analyst, Michael Grondahl, also assigned a hold rating on shares of Tilray.
Today, shares of Tilray are trading down slightly on the news, based on the last traded price of $69.85 USD on the NASDAQ.
Why Fortune is Neutral on Tilray
According to StreetInsider, “The analyst comments “Tilray reported 4Q18 strong revenue of $15.5M 204% y/y with an annual 2018 revenue of $43.1M, on March 18. Tilray expects sales to triple in 2019 driven by increase in Canadian recreational spending. Focusing on new investment in the U.S. by leveraging Manitoba Harvest‘s ~16,000 retail outlets for CBD and AB InBev beverages partnership. We expect strong industry growth long-term, and believe Tilray partnerships in various verticals postilions the company to be a top global cannabis and CBD company.””
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