Tilray downgraded to Neutral on valuation at Roth Capital

Roth Capital analyst Charles Finnie downgraded Tilray (TLRY) to Neutral from Buy, citing valuation, noting that the stock has advanced nearly 2.5 times since going public last month. While Tilray reported strong results and “appears to be on track for a very impressive 2019,” Finnie believes the stock’s current levels reflect “a highly speculative M&A scenario” following Constellation’s (STZ) $4B investment in market leader Canopy Growth (CGC), he tells investors. Though he cut his rating, Finnie raised his price target on Tilray shares to $54 from $35.
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