Why Few Investors Were High on Tilray Stock Today
Another day, another price-target cut for struggling Canadian cannabis company Tilray Brands (NASDAQ: TLRY). In the wake of quarterly results reported by the company late last week, one more analyst reduced his expectations for its prospects. As a result, the frequently battered stock took another hit on Monday, falling by more than 6% across the day.
Monday's Tilray downgrader was Stifel prognosticator Andrew Carter, who took an axe to his price target by slicing it down to $3.30 per share from his previous $5.50. Nevertheless, he obviously has at least a bit of hope in the company, as he's maintaining his hold recommendation on the stock.
This should sound very familiar to Tilray shareholders; their company has been hit by a series of similar cuts and even recommendation downgrades in recent days. On Friday, Benchmark's Mike Hickey change his outlook on the stock from hold to sell, due to understandable concerns about the tough Canadian weed market and the still-dim prospects for pot legalization in countries outside North America.
Source Fool.com
