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Tilray Target at Wall Street High Ahead of Wednesday Report

Cannabis company Tilray shares were higher after Cantor Fitzgerald raised its share-price target to a Wall-Street-high $30.25.
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Tilray  (TLRY) - Get Tilray Brands Inc. Report shares rose Tuesday after Cantor Fitzgerald raised its share-price target 25%, to $30.25 from $24.20, on the Canadian cannabis company. 

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.

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Zuanic actually prefers Aphria  (APHA) - Get Aphria Inc Report over Tilray, as the companies prepare to merge

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.

How to Trade Tilray and Aphria as Volatility Ramps Up