That’s the highest estimate among major analysts, according to Bloomberg. But Cantor maintained its neutral rating.
It said Canada’s marijuana companies should trade at a higher multiple than their U.S. brethren do.
“The recent significant bout of volatility in Canadian cannabis stocks may be another deterrent for investors looking at this subsector,” but the companies’ strong global opportunities allow for a premium valuation, Cantor analyst Pablo Zuanic wrote in a commentary cited by Bloomberg.
Tilray recently traded at $35.65, up 23%. They have more than quadrupled over the past three months amid optimism that a Democratic-Party-controlled Congress might join with President Joe Biden to legalize marijuana at the federal level
Tilray reports fourth-quarter earnings Wednesday. Analysts surveyed by FactSet call for a loss of 14 cents a share on revenue of $56 million.
He raised his share-price target to C$32.50 (US$25.39) from C$26, keeping his overweight rating. The price estimate is a Wall Street high, according to Bloomberg.
In the U.S. Aphria recently traded at $21.25, up 25%.
Earlier this month, Tilray and U.K. peer Grow Pharma agreed to import and distribute medical cannabis products in the U.K. Through a locally maintained supply, Tilray will now be able to serve authorized U.K. patients who need medical-grade marijuana.
"As demand continues to ramp up in the U.K., Tilray is well-positioned to be a leading supplier of medical cannabis products," Tilray Europe Managing Director Sascha Mielcarek said in a statement.