3 Analysts Make Bullish Calls on Tilray Stock

Analysts believe Tilray is positioned well for growth in the adult-use market

Aug 13, 2018 at 9:38 AM
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Tilray Inc (NASDAQ:TLRY) has had a good month, suffering only one negative session so far in August. In the last week alone, the shares added 6.92%, though they had trouble taking out the $26 mark, which had acted as a ceiling in recent weeks. Today, TLRY stock has burst through this level, last seen trading up 4.6% at $27, thanks to upbeat analyst attention.

Brokerage firm Northland Capital initiated coverage with an "outperform" rating and price target of $35. In addition, Eight Capital and Cowen initiated coverage on the medical marijuana stock with "buy" ratings, along with respective price targets of $32 and $34. The analysts at Eight Capital and Cowen said Tilray is in strong position to be a leader in the adult-use market, and Eight Capital suggested the company may be uniquely able to get investments from pharmaceutical firms.

Cowen's $34 price target is especially notable since that's double TLRY's IPO price, and the equity actually topped out at $34.10 back on July 23 in its third day of trading. The company is set to report earnings for the first time since going public later this month, with the release scheduled for after the close on Tuesday, Aug. 28.

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