Jefferies raised its price target to $2 from $1.50 and noted that U.S. President Donald Trump’s recent interest in rescheduling marijuana from Schedule I to Schedule III opens the door to broader access in the country.
Tilray Brands (TLRY) shares jumped 20% in early trading on Monday after Jefferies raised its price target, noting that the company has the brand strength, scale, and balance sheet to capture the opportunity in cannabis.
Jefferies raised its price target to $2 from $1.50 and maintained a ‘Buy’ rating, according to TheFly. The firm noted that U.S. President Donald Trump’s recent interest in rescheduling marijuana from Schedule I to Schedule III opens the door to broader access in the country.
The firm views this as a meaningful shift in federal stance; analyst Kaumil Gajrawala calls it “not legalization, but progress.”
The retail user message count on Tilray Brands jumped nearly 65% in the last 24 hours on Stocktwits. Retail sentiment on the stock remained unchanged in the ‘bullish’ territory, with chatter at ‘normal’ levels, according to data from Stocktwits.
U.S. President Donald Trump confirmed in early August that he was looking at reclassifying marijuana and may announce his final decision in the next few weeks.
Soon after, the company announced that it had submitted an application requesting an extension to regain compliance with Nasdaq’s listing standards regarding its price per share.
CEO Irwin Simon had then highlighted Tilray stock’s surge following President Trump’s review of cannabis rescheduling. ‘We believe this market reaction reflects investors’ confidence in Tilray’s diversified global platform and our ability to capitalize on a more favorable regulatory environment,” Simon added.
A bullish user on Stocktwits noted that the stock will be around $20 to $30 in three years.
Tilray’s stock has gained 3% this year but declined over 26% in the last 12 months.
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