Tilray Brands Inc (TLRY)

[FUNMAN]

Tilray jumps on Cantor upgrade; cites post-merger strength

Jun. 02, 2021 9:00 PM ET

Tilray, Inc. (TLRY)By: Dulan Lokuwithana, SA News Editor

Tilray (NASDAQ:TLRY) has added ~6.6% in extended hours after Cantor Fitzgerald upgraded the stock to overweight from neutral. However, the price target was lowered to $22.00 from $30.25 implying an upside of ~15.8% to the last close.

The firm argues that the Tilray-Aphria merger has brought together Aphria’s leadership in the Canadian recreational cannabis market with Tilray’s strength overseas.

“We do not see another LP that can make these combined claims,” analyst Pablo Zuanic wrote referring to Canadian licensed producers.

Calling Tilray a “bellwether” for the sector, the firm sees over 20% upside for the stock as post-pandemic demand picks up in Canada while cannabis deregulation advances in the U.S.

Yesterday, Canaccord Genuity raised Tilray rival Canopy Growth (NASDAQ:CGC) to neutral from sell citing its recent selloff following lower than expected Q4 financials for fiscal 2021.