Cannabis investors have once again gotten a mixed earnings season from Canadian legal producers and US multi-state operators.
TCNNF) and Green Thumb Industries Inc (MKTS: GTBIF) on Thursday following each company’s second-quarter reports.
Finally, Trulieve raised its fiscal 2020 sales guidance from a previous range of between $380 million and $400 million to a new range of between $465 million and $485 million.
Zuanic said Thursday that much of Trulieve’s strong performance was driven by the Florida market.
“We think a fact being missed by investors is the uncapped nature of the FL market (re stores and cultivation) for current players; in most other ‘restricted’ states, given caps, we see share dilution risk as licenses expand,” he said.
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Looking ahead, management guided for third-quarter sequential sales growth of between 10% and 15%.
“Green Thumb remains our top pick among US cannabis stocks, together with Trulieve,” he said.
Cantor reiterated Overweight ratings for both Trulieve and Green Thumb. Zuanic raised his Trulieve price target from $47 to $50 and raised his Green Thumb price target from $21 to $27.
Consider buying a basket of Canadian legal producers as well as US multi-state operators, such as Trulieve and Green Thumb, that have high-quality balance sheets and leading market shares.
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Latest Ratings for TCNNF
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 2020 | Needham | Maintains | Buy | |
| Jun 2020 | Cantor Fitzgerald | Maintains | Overweight | |
| May 2020 | Needham | Maintains | Buy |
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