TLRY - Canaccord cuts Aphria to hold on industry headwinds from COVID-19

Canaccord Genuity analyst Matt Bottomley has cut shares of Aphria (APHA) from speculative buy to hold due to industry headwinds resulting from COVID-19 lockdowns.He is maintaining his price target of C$17.50Yesterday, Aphria reported fiscal Q3 2021 results that missed consensus estimates, leading to a sizeable decline in share price."We believe the company’s quarter signals a number of red flags likely to impact most operators," Bottomley wrote.He notes that the current share price is close to the implied value of the company's merger with Tilray (TLRY).Aphria shares are down 5.7% to $13.16 in premarket trading.

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Canaccord cuts Aphria to hold on industry headwinds from COVID-19