Oppenheimer has initiated coverage on Tilray (TLRY) with a “perform” rating. Usually, such a rating is equivalent to a “neutral” or a “hold” rating. Today, Tilray stock has continued to slide, falling almost 2.5%.
What’s the consensus?
The 12 analysts covering Tilray stock in June have a consensus “hold” rating on Tilray. Tilray also has a consensus price target of $94 in the month. Based on its current price of ~$35.6, Tilray has a potential upside of ~159%.
The market is mixed
On the other hand, Cronos Group (CRON) was up 8.5% after it received an upgrade from Bank of America Merrill Lynch. The weakness in the cannabis sector is enduring despite BAML’s optimism. Read BAML Projects CBD Will Become $11.5 Billion Market by 2032 to learn more.
Investors are exercising caution on the cannabis sector as market volatility remains high. Given the choppy markets, holding on to cannabis stocks is challenging, especially as the decline in the sector affects cannabis players’ returns. To learn more about our take on the matter, read Should You Hold On to Your Cannabis Stocks?