Why Marijuana Stock Aphria Dived on Thursday
One day after making the most earth-shaking announcement in its history, Canadian marijuana company Aphria (NASDAQ: APHA) saw its stock close 5.5% lower on Thursday. That was quite the comedown from the high of its news on Wednesday that it is effectively acquiring a rival, Tilray (NASDAQ: TLRY), to create the world's largest cannabis business. A prominent analyst has cooled on Aphria following that announcement.
Stifel Financial prognosticator Andrew Carter cut his recommendation on Aprhia shares on Thursday; he now rates them a hold, from the previous buy. While doing so, however, he raised his price target on the stock to 9.90 Canadian dollars ($7.77); it was formerly CA$8.25 ($6.48).
Image source: Getty Images.
Source Fool.com
