Tilray price target lowered to $2.50 from $3.00 at Roth MKM

Roth MKM lowered the firm’s price target on Tilray (TLRY) to $2.50 from $3.00 and keeps a Neutral rating on the shares. The analyst cites the company’s Q3 sales and adjusted EBITDA miss while noting that the acquisition of Hexo is an "uninspiring transaction" that brings in more Canadian exposure. Upside for Tilray shares remains tied to U.S. legislative progress, but even if there is progress that would allow the company to take an equity stake in MedMen (MMNFF), there is no certainty that Tilray would find THC success in the market, the firm tells investors in a research note.