Tilray price target lowered to $3 from $4 at MKM Partners

MKM Partners analyst Bill Kirk lowered the firm’s price target on Tilray to $3 from $4 and keeps a Neutral rating on the shares. The company’s Q2 marked the smallest net sales quarter since its merger with Aphria, and catalysts for operational improvement are "unclear", the analyst tells investors in a research note. Kirk adds that while Tilray’s adjusted gross margin was "flat" and its distribution saw an expansion of 200bps, the management’s goal of $70M-$80M in adjusted EBITDA for FY23 is "risky".