TD Cowen analyst Vivien Azer lowered the firm’s price target on Tilray (TLRY) to $5 from $9 and keeps an Outperform rating on the shares. The analyst noted the announced acquisition of Hexo (HEXO) was not much of a surprise since the two companies had established a collaborative framework on cultivation production and packaging last year. And with cost-cutting ahead of the transaction we have a high degree of confidence in targeted cost savings and while Canadian cannabis remains tough; consolidation should help.
Published first on TheFly
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