Aphria Inc. (NASDAQ: APHA) shares traded higher by 9.2% on Monday ahead of the company’s fiscal fourth-quarter results expected out on Wednesday.
One Wall Street analyst raised his price target for the stock on Monday ahead of the big report.
Cantor Fitzgerald analyst Pablo Zuanic reiterated his Overweight rating for Aphria and raised his price target from CA$10.50 (US$7.84) to CA$11 (US$8.21).
Aphria continues to be Zuanic’s top stock pick among Canadian cannabis producers. He said the company is gaining recreational market share in Canada and will likely beat consensus fourth-quarter sales estimates by roughly $2.24 million.
Zuanic is also projecting 25% sequential recreational cannabis sales growth compared to just 20% sequential sales growth for the overall recreational market.
“We think LPs like APHA, with positive EBITDA, consistent domestic …