Tilray price target lowered to $3 from $4 at Alliance Global Partners

Alliance Global Partners analyst Aaron Grey lowered the firm’s price target on Tilray to $3 from $4 and keeps a Neutral rating on the shares. The company reported sales and EBITDA below Street estimates, but remains profitable and improved cash flow in the quarter, Grey tells investors in a research note. The analyst, however, awaits signs of sustainable sales growth and improved profitability, "with the timeline to some of the expected catalysts still uncertain."