Tilray price target lowered to $2 from $2.25 at CIBC

CIBC lowered the firm’s price target on Tilray to $2 from $2.25 and keeps a Neutral rating on the shares following the Q3 report. The analyst views the company’s guidance cut as prudent but thinks 2025 consensus estimates still look “quite sanguine,” even considering synergies. EBITDA growth in Tilray’s beverage business may take time as it seeks to introduce new products and reinvigorate brands, the analyst tells investors in a research note. The firm cites a lower multiple and reduced sales estimates for the target cut.