Pot Stock Tilray Rally Stalls After Big Bull Downgrades

(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

©2018 Bloomberg L.P.