Haywood analyst Neal Gilmer APHA TARGET $17.00
Haywood analyst Neal Gilmer APHA TARGET $17.00
Haywood analyst Neal Gilmer APHA TARGET $17.00 says he does not believe the report is accurate in its entirety. In return, Gilmer reiterates a Buy rating, but does drop down his price target from $30 to $17 to “reflect current market sentiment.” (To watch Gilmer’s track record, click here)
“Following the release of reports of this nature, companies often trade at a discount due to an increase perceived risk by investors, regardless of the accuracy of the claims in the short report. As a result, we are lowering our target price to $17.00 based on a 2021 EBITDA multiple of 15x discounted by 10%. We continue to believe that Aphria provides a compelling investment both on its domestic operations and the optionality provided by the international opportunities. However, it is clear that investors are putting more faith in the authors of the short report. While we acknowledge that it will take time for Aphria to emerge from this report, we remain of the view that the Company has solid domestic operations and an expanding international footprint. We believe this sell-off provides an attractive entry point for risk tolerant investors as we expect volatility to be escalated in the near-term,” Gilmer said.
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