Cannabis company Trulieve Cannabis (OTC: TCNNF) is scheduled to release its first-quarter 2021 financial results on May 13, before the market opens, and will follow up with a conference call at 8.30 AM ET.
Ahead of the earnings report, Cantor Fitzgerald’s Pablo Zuanic raised the price target to $89 from $83 on Trulieve’s stock, while keeping an “Overweight“ rating.
Zuanic said Cantor Fitzgerald raised the price target based on increased long-term EBITDA projections.
“We believe near term sentiment will be dictated by management commentary during the 5/13 call regarding 1Q metrics, outlook and the contribution this year from new assets in Pennsylvania and Massachusetts,” Zuanic noted.
The company could report quarterly sales of $200 million, according to the analyst, which is somewhat higher than the FactSet consensus of $188 million. Furthermore, Zuanic pointed out that the company’s operations in Pennsylvania will be included in a report for the full first quarter of 2021, and should be “ a relevant contributor.”
This year, the cannabis company should also profit from starting sales in Massachusetts, finalizing the acquisition of Keystone Shops in Philadelphia in the second quarter and further growth of its current operations in Florida.