Roth Capital analyst Bill Kirk lowered the firm’s price target on Tilray (TLRY) to 65c from $1 and keeps a Neutral rating on the shares. The firm cites the company’s Q3 revenue and adjusted EBITDA miss, even though the management expects profitability improvement from Project 420 progress, with another $12.4M in expected annualized cost savings, cannabis margin improvement via cost reductions and prioritizing international markets, and product innovations, the analyst tells investors in a research note.
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