Curaleaf Holdings kept at "strong buy"
Globe says Curaleaf Holdings kept at "strong buy"
2020-08-19 09:22 ET - In the News
The Globe and Mail reports in its Wednesday, Aug. 19, edition that Canaccord Genuity analyst Matt Bottomley continues to Curaleaf Holdings ($11.60) "speculative buy" (all figures Canadian unless otherwise stated). The Globe's David Leeder writes in the Eye On Equities column that Mr. Bottomley boosted his share target from $15 to $16. Analysts on average target the shares at $15.09. Mr. Bottomley says in a note, "Curaleaf reported strong Q2/20 financial results that came in just above our forecasts and the company's guidance on the top line, while significantly beating our expectations on adjusted EBITDA/profitability for the period." Curaleaf posted revenue of $165.4-million (U.S.), up 12.2 per cent from the previous quarter and topping both management's guidance ($160-million (U.S.)) and Mr. Bottomley's projection ($165.2-million (U.S.)). The increase came from organic growth, the first full quarter of contributions from its recently acquired Select brand products and the closing acquisitions in Connecticut and Maine. The Globe reported on Nov. 21, 2019, and May 20, 2020, that Mr. Bottomley continued to rate Curaleaf "speculative buy." The shares could then be had for $8.40 and $7.94.
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