Trulieve Cannabis price target raised to $13.50 from $6.50 at Needham

Needham analyst Matt McGinley raised the firm’s price target on Trulieve Cannabis to $13.50 from $6.50 and keeps a Buy rating on the shares. The company reported a better than expected quarter with revenue growth and improvement in margin rate and dollars from solid expense control and good inventory management, the analyst tells investors in a research note. Trulieve margins have strengthened throughout 2023, though its sequential top-line growth, combined with expense control, pushed the EBITDA rate back above 30% for the first time in over a year, the firm added.