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Tilray Inc. & # 39; s
TLRY, -7.84%
Cowen & Co. has almost tripled its stock price target to reach more than 10 times the price of the initial public offering of the cannabis producing company. The analyst Vivien Azer said the potential addressable market was largely supported by existing demand. Azer raised its target to $ 172, 34% higher than current levels. The stock, which was released on July 19 for $ 17 from the IPO, has lost 7.5% in morning trading, but it was still up 66% last month. Meanwhile, ETFMG Alternative Harvest ETF
MJ -0.28%
gained 12% last month while the S & P 500 index
SPX, + 0.09%
increased by 0.6%. "While we initially focused on the opportunity of adult use when we launched cannabis more than two years ago, the well-capitalized cannabis industry is evolving rapidly and looking to deal with a much larger than originally planned TAM, "wrote Azer in a note to customers. She envisions four key business areas for Tilray, which outperforms, and her peers, such as adult use, beauty and nutraceuticals, over-the-counter pain, sleep, and pharmaceuticals.
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