Piper Sandler analyst Michael Lavery downgraded Green Thumb Industries to Neutral from Overweight with a price target of $10, down from $18. The analyst believes pricing headwinds remain in some of the company’s key states and the firm expects more modest sequential growth in the near term. Regulatory catalysts do not appear to be on the horizon near term, and some of Green Thumb’s newer states that have potential to be catalysts long term are still in the early stages of growth, the analyst tells investors in a research note.
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