Alliance Global Partners analyst Aaron Grey lowered the firm’s price target on 22nd Century to $3 from $4 and keeps a Buy rating on the shares. While the company reported sales and EBITDA below the firm’s estimates, Alliance said it was "encouraged with the progress" of both its hemp and cannabis business. The firm lowers its EBITDA estimates to account for incremental spending behind VLN and lower hemp gross margins, noting that management says it is aiming to become EBITDA profitable within 2024.
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Read More on XXII:
- 22nd Century reports Q4 EPS (12c), consensus (6c)
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