Craig-Hallum analyst Eric Des Lauriers lowered the firm’s price target on Trulieve Cannabis to $10 from $20 and keeps a Hold rating on the shares. The firm notes that 2022 was the year of integrating the Harvest acquisition, which management noted on the call is now complete; 2023 is now the year of cash generation, with a goal of $100M in cash flow from operations, net of taxes. Key to realizing this goal is unwinding 2022’s inventory build, which led to Craig-Hallum’s downgrade in November. The firm fully supports this goal, though it does expect it to result in a material reduction in the near-term margin outlook.
Published first on TheFly
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