Cantor Fitzgerald cuts Tilray rating to neutral from overweight

Cantor Fitzgerald connected Monday downgraded Tilray TLRY, -1.90% to neutral from overweight and chopped the cannabis stock's 12-month terms people to $11.80 a stock from $18. Analyst Pablo Zuanic said the steadfast "has trouble making an concern lawsuit for them based connected fundamentals vs. valuations." While praising Tilray president and CEO Irwin Simon arsenic a "visionary" person that tin execute a planetary maturation strategy and firm governance policies to pull organization capital, the institution should beryllium valued person to Canopy Growth WEED, -2.37%, which is besides rated a neutral by Cantor Fitzgerald. "We complaint Canopy Growth astatine neutral, but we could reason that Canopy is further up than Tilray successful gathering a U.S. ecosystem...and has the back-up from Constellation Brands STZ, +0.02%, " Zuanic said. "Even Canopy's user packaged goods portion is much developed than Tilray's, if we number from the day of the acquisitions of those businesses (see BioSteel)." Shares of Tilray are up 24.7% truthful acold this year, compared to a driblet of 5.8% by the Cannabis Growth ETF BUDX, +0.56%. Shares of Tilray are up 0.9% successful pre-market trades connected Monday.