Why Tilray Stock Was a Laggard on Friday
There was no spark and no flame in Tilray Brands (NASDAQ: TLRY) stock on Friday. Shares of the Canadian marijuana company traded flat across the trading day, missing out on a wider market rally that saw the S&P 500 index gain 1.4%. An analyst's downgrade was the buzzkill affecting sentiment on the shares.
That morning, Benchmark prognosticator Mike Hickey reduced his recommendation on Tilray stock. He now feels it's a sell, at a price target of $3. Previously, Hickey's recommendation was hold.
The analyst is particularly concerned with Tilray's business in its native country. Canada's marijuana industry continues to be plagued with heavy competition including black market competition and weakening prices, among numerous other challenges. And at the moment there is little opportunity in markets abroad, as recreational marijuana typically remains illegal throughout the world and medical use is often heavily regulated.
Source Fool.com
