Canaccord Upgrade Canaccord Genuity analyst Matt Bottomley increased his Ayr Wellness Inc. target to $70 from $60 with a “speculative buy” rating. The average is $56.
“Although Q4/20 came in just under our forecasts, we were largely encouraged by management’s commentary during the earnings call, the reiteration of previously communicated timelines for expected deal closing, and a 2022 outlook that came in higher than our expectations. As a result, we have increased our forecasted revenue ramp (primarily in AZ and NJ), incrementally increased our margin expectations in Ayr’s core markets, and decreased our overall discount rate by 50 basis points (to a range of 9.5 per cent to 13 per cent) on continued execution,” he said.