The Globe and Mail reports in its Saturday, Oct. 9, edition that Canaccord Genuity analyst Matt Bottomley has reaffirmed his "market perform" recommendation for Tilray. The Globe's David Leeder writes in the Eye On Equities column that Mr. Bottomley trimmed his share target by $5 to $12 (all figures U.S.). Analysts on average target the shares at $14.48. Mr. Bottomley says Tilray's first quarter earnings report was "rather flat." Mr. Bottomley says in a note: "Although the company reported solid sequential top-line growth, we remind investors that this quarter represented the first full period of contribution from both legacy Aphria and Tilray operations subsequent to Aphria's reverse acquisition earlier in the year. After normalizing for the timing of M&A closing, we note that consolidated FQ1/22 performance appears to be largely flat compared to the prior period on a pro forma basis. ... Management believes the choppiness in accelerating its adjusted EBITDA growth is transitory in nature as it continues to integrate and optimize the legacy Tilray ops into Aphria's lower cost structure. ... Following the quarter, we have made modest downward revisions to our near-term estimates."
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