Cowen analyst Vivien Azer on Thursday reiterated an outperform rating on Green Thumb Industries Inc. but cut her price target to $20 a share from $45 after the U.S. cannabis company's latest earnings update. Green Thumb Industries earned $24.44 million, or 10 cents a share in its fiscal second quarter, up from $22.05 million, or 10 cents a share, in the year-ago quarter. Revenue rose 14.6% to $254.31 million from $221.87 million. The company's revenue grew 5% over the first quarter. Green Thumb beat the Wall Street earnings target of 4 cents a share and the revenue estimate of $248.9 million, according to FactSet estimates. Cowen's Azer said despite the "healthy" quarter, she lowered the company's price target to about 4.2 times her fiscal 2022 sales estimate of $1.2 billion. The price target also "contemplates a lack of regulatory catalysts coupled with macro headwinds," Azer said Shares of Green Thumb Industries are down 56.2% in 2022, compared to a drop of 54.1% by the AdvisorShares Pure US Cannabis ETF (MSOS) and a loss of 19% by the Nasdaq. .
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