Alliance Global Partners raised the firm’s price target on Organigram to C$2.70 from C$2.20 and keeps a Neutral rating on the shares. The firm notes Organigram reported Q1 sales roughly in-line with its estimates, with EBITDA coming in slightly ahead as the company inflected to profitability, but remains unprofitable when including R&D. Alliance Global Partners is “encouraged” with CEO Beena Goldenberg commentary of signs for a stabilized competitive environment with incremental enforcement creating a fair playing field for THC labels and excise taxes. As a market leader, Organigram could be set up as a primary beneficiary from a shakeout, leading to consistent profitability post-R&D costs, along with market share gains. However, the firm awaits further signs of consistent profitability, along with further detail on where Jupiter assets will be allocated.
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