Aphria Gets a 58% Price Target Bump From a Prominent Analyst

Aphria (NASDAQ: APHA) has become a favored marijuana stock lately, due to better-than-expected quarterly results and the looming merger with peer Tilray (NASDAQ: TLRY). On Tuesday, a prominent analyst added to that positive sentiment with a significant price target raise.

That analyst, W. Andrew Carter of Stifel, lifted his price to 15.50 Canadian dollars ($12.14), up from the previous C$9.80 ($7.67). While doing so, however, he maintained his neutral rating on the stock.

The prognosticator believes that those second-quarter results "underscore Aphria's position of strength," despite a decline in sales for the company's key Canadian recreational marijuana segment. Stifel is maintaining its hold rating on the stock because subsequent price appreciation (based also on the prospects for the U.S. decriminalizing marijuana at the Federal level) limits the stock's potential to outperform.

Source Fool.com