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Morningstar Trims Tilray's Price Target, Here's What's Behind It
Morningstar Trims Tilray's Price Target, Here's What's Behind It
Morningstar reduced its price target for Tilray Brands, Inc. (NASDAQ:TLRY) from $3.30 to $3.10, on Wednesday, Feb 14, all while keeping its four-star rating intact, reported Green Market Report's Debra Borchardt.
According to analyst Kristoffer Inton, three reasons contributed to the price decline, including reduced revenue in the short term driven by ongoing market fragmentation, pricing compression and the illicit market in Canada.
In terms of the company's Canadian business, the analyst's report projects "mid-single-digit organic growth over the next 10 years."
While it is affected by increasing competition when it comes to the development of consumer brands, Tilray's acquisition of Hexo in 2023 would result in more market consolidation.
In terms of international operations that make up for 15% of the company's gross cannabis revenue, prospects seem to be better as competition is limited by stricter rules.
"We forecast high-single-digit growth over the next 10 years as more medical cannabis legalization expands to new markets and more patients," the analyst report said.
See also: Tilray Brands Seizes 40% Of Canada's Cannabis Beverages Market Share By Acquiring This Company
In terms of price compression, Borchardt emphasized that "with the ever-present illicit market charging lower prices, Tilray can't afford to raise prices."
Moreover, cannabis production implies high energy costs, Borchardt added, citing an analyst's observation that "if governmental bodies begin to demand more energy-efficient processes, the company can't pass along those higher costs."
The third issue – Canada's illegal market – is depriving legal cannabis businesses of raising prices.
"Years of government efforts have done little to stem illegal cannabis, but a change to the ease of accessing illicit supply could have a significant impact on the pricing power and thus the profitability of legal cannabis companies," the report said.
The analyst said that looking ahead their projections don't include Tilray's acquisition of the majority of the outstanding senior secured convertible notes of MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF) equaling 21% ownership in the U.S. multistate operator.
"We forecast CAGR for net revenue from cannabis to be roughly 8% through fiscal 2033," the analyst said. "Our forecast is based on moderate price increases of roughly 3% per year, with weaker price growth in the Canadian recreational market due to Canadian consumers' preference for value over premium."
TLRY Price Action
Tilray's shares traded 5.2269% lower at $1.8199 per share at the time of writing on Tuesday.
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com. Prices will increase soon!
Morningstar reduced its price target for Tilray Brands, Inc. (NASDAQ:TLRY) from $3.30 to $3.10, on Wednesday, Feb 14, all while keeping its four-star rating intact, reported Green Market Report's Debra Borchardt.
据《绿色市场报告》的黛布拉·博查特报道,晨星于2月14日星期三将蒂尔雷品牌公司(纳斯达克股票代码:TLRY)的目标股价从3.30美元下调至3.10美元,同时保持其四星评级不变。
According to analyst Kristoffer Inton, three reasons contributed to the price decline, including reduced revenue in the short term driven by ongoing market fragmentation, pricing compression and the illicit market in Canada.
根据分析师克里斯托弗·英顿的说法,导致价格下跌的原因有三个,包括持续的市场分散、定价压缩和加拿大非法市场推动的短期收入减少。
In terms of the company's Canadian business, the analyst's report projects "mid-single-digit organic growth over the next 10 years."
就该公司的加拿大业务而言,分析师的报告预计 “未来10年将实现中等个位数的有机增长”。
While it is affected by increasing competition when it comes to the development of consumer brands, Tilray's acquisition of Hexo in 2023 would result in more market consolidation.
尽管在消费品牌发展方面受到竞争加剧的影响,但Tilray在2023年对Hexo的收购将导致更多的市场整合。
In terms of international operations that make up for 15% of the company's gross cannabis revenue, prospects seem to be better as competition is limited by stricter rules.
就占公司大麻总收入15%的国际业务而言,由于竞争受到更严格规定的限制,前景似乎更好。
"We forecast high-single-digit growth over the next 10 years as more medical cannabis legalization expands to new markets and more patients," the analyst report said.
分析师报告称:“随着越来越多的医用大麻合法化扩展到新市场和更多患者,我们预计未来10年将实现高个位数的增长。”
See also: Tilray Brands Seizes 40% Of Canada's Cannabis Beverages Market Share By Acquiring This Company
另见:Tilray Brands通过收购该公司夺取了加拿大大麻饮料40%的市场份额
In terms of price compression, Borchardt emphasized that "with the ever-present illicit market charging lower prices, Tilray can't afford to raise prices."
在价格压缩方面,博查特强调,“由于无处不在的非法市场收取更低的价格,蒂尔雷承受不起提高价格的代价。”
Moreover, cannabis production implies high energy costs, Borchardt added, citing an analyst's observation that "if governmental bodies begin to demand more energy-efficient processes, the company can't pass along those higher costs."
此外,博查特补充说,大麻生产意味着高昂的能源成本,他援引一位分析师的观察,即 “如果政府机构开始要求更节能的工艺,公司就无法转嫁这些更高的成本。”
The third issue – Canada's illegal market – is depriving legal cannabis businesses of raising prices.
第三个问题——加拿大的非法市场——是剥夺合法大麻企业提高价格的权利。
"Years of government efforts have done little to stem illegal cannabis, but a change to the ease of accessing illicit supply could have a significant impact on the pricing power and thus the profitability of legal cannabis companies," the report said.
报告说:“政府多年的努力在遏制非法大麻方面收效甚微,但是改变获得非法大麻供应的便利性可能会对定价能力产生重大影响,从而对合法大麻公司的盈利能力产生重大影响。”
The analyst said that looking ahead their projections don't include Tilray's acquisition of the majority of the outstanding senior secured convertible notes of MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF) equaling 21% ownership in the U.S. multistate operator.
这位分析师表示,展望未来,他们的预测不包括蒂尔雷对MedMen Enterprises Inc.(CSE: MMEN)(OTCQX: MMNFF)大部分未偿还的优先有担保可转换票据的收购,相当于这家美国多州运营商21%的所有权。
"We forecast CAGR for net revenue from cannabis to be roughly 8% through fiscal 2033," the analyst said. "Our forecast is based on moderate price increases of roughly 3% per year, with weaker price growth in the Canadian recreational market due to Canadian consumers' preference for value over premium."
该分析师表示:“我们预测,到2033财年,大麻净收入的复合年增长率约为8%。”“我们的预测基于每年约3%的温和价格上涨,由于加拿大消费者偏爱价值而不是溢价,加拿大娱乐市场的价格增长疲软。”
TLRY Price Action
TLRY 价格走势
Tilray's shares traded 5.2269% lower at $1.8199 per share at the time of writing on Tuesday.
在周二撰写本文时,蒂尔雷的股价下跌了5.2269%,至每股1.8199美元。
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
本辛加大麻资本会议将于2024年4月16日和17日在佛罗里达州好莱坞的新地点重返佛罗里达州。在外交官海滩度假村举行的为期两天的活动将为大小企业家提供交流、学习和成长的机会。这次会议以其引领潮流的能力和对大麻未来的影响而闻名,记住你的日历——这是大麻界年度必去的活动。
Get your tickets now on bzcannabis.com. Prices will increase soon!
立即在 bzcannabis.com 上购买门票。价格很快就会上涨!
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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