Cantor Fitzgerald issued a new report on cannabis multi-state operator Jushi Holdings Inc. JUSH JUSHF on Thursday.
Pablo Zuanic updated projections based on the company’s second-quarter financials.
The analyst maintained a neutral rating but lowered the 12-month price target for Jushi OTC stock to $4.80 from $5.25 due to sectoral derating. Shares closed at $4.71 on Thursday’s trading session.
“Given the execution risks and ambitious guidance, we do not think the valuation is compelling enough for us to rate the stock Overweight,” Zuanic wrote.
Jushi is likely one of the best players in the Virginia market, and it has one of the largest retail footprints in Pennsylvania, but other than that, it lacks depth in other states against larger MSOs.
“Over the next 12 months, we continue to expect the MSO group, on fundamentals and federal level changes, to outperform the overall market, and that tide will likely lift most stocks in the group, including Jushi,” Zuanic said.
Still, Cantor Fitzgerald is taking a more cautious approach in choosing MSO stocks and prefers to remain neutral on Jushi.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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