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Sep 3, 2019

Tilray’s biggest bull slashes stock's price target by 60%

Tilray

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The street’s biggest bull on Tilray Inc. is feeling significantly less bullish, slashing her price target on the pot stock by 60 per cent.

Vivien Azer at Cowen & Co. cut her 12-month target to US$60 from US$150, but still believes the stock’s recent weakness is a buying opportunity. Tilray jumped as much as 17 per cent Tuesday, heading for its biggest gain since January. The stock has lost about 90 per cent from the intraday high of US$300 it reached in September 2018.

The Canadian cannabis landscape “has been challenging over the last few months, as too few stores, supply shortages and a lack of novel products have hampered category development,” Azer wrote in a note published Tuesday. “We would argue that TLRY has been the most impacted by weak industry supply as its asset-light model was initially overly reliant on third-party supply.”

She maintained her outperform rating, however, citing Tilray’s proactive moves to address capacity constraints, its strong position to enter the U.S. CBD market and growing international opportunities. She also believes the Canadian industry will work out its problems eventually, becoming a $12 billion market by 2025.

With Azer’s lower price target, Michael Hickey at Benchmark Co. becomes Tilray’s biggest bull with an US$80 target.

Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formation of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day.