Analyst Robert Moskow from TD Cowen maintained a Buy rating on Tilray and keeping the price target at $0.80.
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Robert Moskow has given his Buy rating due to a combination of factors, including Tilray’s impressive performance in the international cannabis market. The company achieved a record in international cannabis sales, driven by strong demand in Europe, which significantly contributed to their overall financial performance. Despite some challenges with permit delays, the growth in this segment was a positive surprise, and management anticipates continued growth in international sales throughout the fiscal year.
Another factor influencing the Buy rating is the company’s strategic decisions in the Canadian market. Although there was a decline in Canadian adult-use sales, Tilray’s management is optimistic about future profitability due to their new production facility, which is expected to enhance their ability to produce profitable products despite pricing pressures. Additionally, while the beverage segment faced setbacks, management is working on regaining lost distribution and expects improvements in the coming year. These strategic initiatives and growth prospects contribute to the positive outlook for Tilray’s stock.
Moskow covers the Consumer Defensive sector, focusing on stocks such as Campbell Soup, Conagra Brands, and Celsius Holdings. According to TipRanks, Moskow has an average return of 1.8% and a 46.07% success rate on recommended stocks.