(Bloomberg) -- Pot stock Tilray falls as much as 9.1 percent after Northland Capital downgrades to an equivalent hold, citing a "far more balanced" risk/reward after the massive rally over the past few weeks.
- Analyst Mike Grondahl, who cut shares to a market perform from an outperform, previously had a price target of $60, or the second highest among four analysts who cover the stock
- Despite the downgrade, Grondahl still says that he expects Tilray to "play a huge role in the growing worldwide cannabis market"
- TLRY still has two other buy ratings out there, with Cowen the Street high at a price target of $62 , which is actually well below Wednesday's close of $89.86; that goes to show how incredible the recent rally has been, with shares tripling since mid-August and making Tilray the best performing IPO on U.S. exchanges in 2018
- Tilray's presentation at Barclays consumer staples conference started at 7:30am
To contact the reporter on this story: Arie Shapira in New York at ashapira3@bloomberg.net
To contact the editor responsible for this story: Chris Nagi at chrisnagi@bloomberg.net
©2018 Bloomberg L.P.
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