Planet 13 Holdings initiated with a Neutral at Cantor Fitzgerald

Cantor Fitzgerald analyst Pablo Zuanic initiated coverage of Planet 13 Holdings with a Neutral rating and $0.95 price target. Planet 13 has built one of the most iconic megastore concepts in the cannabis space, with its Las Vegas flagship store generating $60M in sales per annum, and with only about 4% of visitors to Las Vegas stopping at the store, the firm sees potential for traffic to grow, the analyst tells investors in a research note. While the industry deserves the Planet 13 concept and sees a niche for megastores in most major cities, the firm is neither enthused by the stock’s peer premium nor lack of operational and medium-term growth visibility.