Tilray price target lowered to $10 from $20 at Alliance Global

Alliance Global analyst Aaron Grey lowered the firm’s price target on Tilray (TLRY) to $10 from $20 and keeps a Neutral rating on the shares. Tilray reported Q2 sales above the firm’s and Street estimates, driven by higher distribution revenue and international sales, with EBITDA coming in slightly above the firm’s Street-matching $7.9M estimate, the analyst tells investors. The firm views the quarter as in-line on a consolidated basis with some strengths offsetting some weaknesses, but remains on the sidelines as it looks for greater transparency to long-term sales and cash flow, the analyst added.