Alliance Global Partners lowered the firm’s price target on Tilray to $2.25 from $2.75 and keeps a Neutral rating on the shares. The firm is now applying a lower multiple to its estimates due to continued cannabis share losses in Canada and inconsistent cash flow generation, noting that it now models Q4 sales of $28.9M versus $26.5M prior, near the lower end of the implied guide, equating to an unchanged FY24 EBITDA forecast of $61M.
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