August 2, 2019 / 2:34 PM / 2 months ago

BUZZ-Aphria Inc: Surges after surprise profit

(Updates shares)

** Shares of Canadian cannabis producer Aphria Inc up ~28% at C$8.8

** On Thursday, APHA posted Q4 net revenue of C$128.6 mln vs estimates of C$107.4 mln, according to Refinitiv IBES data

** Reported quarterly profit of C$0.05/shr vs est. loss of C$0.06/shr

** CIBC raises PT to C$7 from C$6.5, says co’s fiscal 2020 guidance is very reliant on performance in the second half of the year

** For fiscal 2020 APHA expects net revenue between C$650 mln-C$700 mln

** Brokerage believes market constraints may limit industry growth, impacting the entire sector

** Other cannabis stocks rose with Aurora Cannabis up 5.14% and Cronos Group up ~4.5%

** CRON also said it will acquire 4 of Redwood Holding Group LLC’s subsidiaries for $300 mln

** 9 of 13 brokerages rate APHA’s Toronto-listed stock “buy” or higher, 2 “hold” and 2 “sell” or lower; their median PT is C$14

** APHA’s Toronto-listed stock up 13.12% YTD (Reporting by Shradha Singh in Bengaluru)

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