01:21 PM EST, 03/05/2024 (MT Newswires) -- Piper Sandler's Michael Sandler believes Tilray stands out from competitors with direct access to the EU, but he expects cannabis stocks (TLRY included) will continue to trade largely on US regulatory expectations.

Sandler has also updated his model for continued US measured retail sales declines in its Alcohol Beverage Segment. Tilray's US measured retail sales for its alcohol brands declined -9.0% to -9.5% in January and December. Its alcohol sales have collectively declined since October 2022.

Lowering F24E sales from ~$810 million to ~$805 million and our F25E sales from ~$880 million to ~$875 million (in US$).

Maintain price target of US$2, Neutral rating.

Price: 2.28, Change: -0.01, Percent Change: -0.44