ZamparoCIBC World Markets analyst John Zamparo raised his target to $12.50 from $9 with an outperformer rating. The combination of Aphria and Tilray should create significant synergies leading to a material improvement in profitability with multiple avenues for growth, he said. Questions remain on a U.S. THC presence, but for the moment, APHA is well-positioned for the markets it can occupy. We view APHA (soon to assume the Tilray name) as the most profitable and most investible of the Canadian cannabis space.