On August 15, Tilray (TLRY) rose ~21.0% to $29.30 from the previous day’s closing price as of the time of this writing. The stock rose as the cannabis market saw optimism from the latest investment of $4.0 billion made by Constellation Brands (STZ) in Canopy Growth (CGC)(WEED). Just yesterday, the investment firm announced its coverage on Tilray and gave its ratings and price target.
Analysts’ ratings and price targets
On August 14, Roth Capital initiated its coverage on Tilray, giving it a “buy” recommendation. The company also set Tilray’s price target at $35.00. Given that the stock covered a lot of the gains from its close of ~$24.00 yesterday, the current price leaves about 19.0% upside on the stock if it were to converge with Roth Capital’s price target.
On August 15, other cannabis stocks were also trading higher. Cronos Group (CRON) was trading 13.0% higher at $6.40, and Canopy Growth (CGC) was trading almost 31.0% higher at $32.20. Canopy Growth’s movement was primarily driven by the news of Constellation Brands’ investment.
The consensus recommendation for Canopy Growth was a “buy” over the next 12 months. The mean price target for CGC rose to 41.20 Canadian dollars from 40.60 Canadian dollars a month ago. Learn how analysts have rated other cannabis stocks (HMMJ) in Analyst Views in August: What’s the Outlook for Cannabis Stocks?