Cantor Reaffirms Overweight Rating On Cresco Stock Post Earnings Based On The Company's Franchise Strength

Vertically integrated company Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) posted its first-quarter earnings on Wednesday with revenue of $178.4 million, up by 168.8% year-over-year.

It also reported record wholesale and retail revenue of $95.6 million and $82.8 million, respectively. In the quarter, the company achieved a positive adjusted EBITDA of $35 million, up by 507.2% from the same period of the prior year.     

The Analyst

Cantor Fitzgerald’s Pablo Zuanic reaffirmed both an “Overweight” rating on the stock and price target of $21.50.

The Investment Thesis

With quarterly sales of $178.4 million, Cresco managed to beat both FactSet consensus and Cantor Fitzgerald’s sales estimates of $170.4 million and $173.5 million, respectively, Zuanic explained in a Thursday analyst note.

While wholesale figures are slowly growing, the company’s were up 15% sequentially, with same-store sales up by 9% from the previous …

Full story available on Benzinga.com

More Cantor Reaffirms Overweight Rating On Cresco Stock Post Earnings Based On The Company's Franchise Strength