Aphria Inc (NASDAQ:APHA) is trading higher Wednesday after Bank of America analyst Heather Balsky reinstated coverage of Tilray Inc (NASDAQ:TLRY) with a Buy rating and a $23 price target.
Aphria and Tilray entered into a definitive agreement to combine businesses on Dec. 16. The business combination will create the largest global cannabis company with pro forma revenue of $685 million per this press release.
Related Link: Why Tilray And Canopy Growth Are Trading Higher Today
“We anticipate multiple expansion as this potential merger is likely to enable the combined company to build scale, gain efficiencies, combine their cash position, and deliver consistent positive EBITDA,” the analyst said.
Price Action: Aphria was up 9.2% at $16.02.
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