August 13, 2018 / 11:36 AM / a month ago

BUZZ-Tilray Inc: Cowen, Eight Capital bullish on market opportunities

** Canadian medical marijuana company’s shares rise 2.6 pct to $26.45 premarket

** Cowen starts coverage with “outperform” and Eight Capital starts with “buy”

** Cowen starts with PT of $34 and Eight Capital with $32 vs IPO price of $17 in July

** Cowen says Tilray is set to become an early category leader as the adult-use cannabis market gets ready to kick-off in Canada on Oct. 17

** Brokerage says Canada’s regulatory restrictions on branding and packaging, TLRY’s partnership with Privateer creates a significant competitive advantage to leverage established and recognizable U.S. brands

** Paired with early success in securing provincial supply agreements, TLRY has a favorable position to capture initial adult-use market share - Cowen

** Eight Capital says company uniquely situated to attract investment from alcohol and pharma firms due to its global medical reach and large portfolio of brands and products

** Eight Capital expects stock to trade at a premium relative to peers in the near- and medium-term and Cowen says TLRY’s defensible position for adult-use merits a favorable valuation

** Both brokerages among first to start coverage of stock after strong July debut (Reporting by Medha Singh in Bengaluru)

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