Trulieve Cannabis Acquires Mountaineer Holding LLC; Street Sees 78% Upside

Medical cannabis company Trulieve Cannabis (TCNNF) has completed the acquisition of Mountaineer Holding LLC.   Trulieve made a total payment of $6 million for this acquisition of which $3 million Read More... The post Trulieve Cannabis Acquires Mountaineer Holding LLC; Street Sees 78% Upside appeared first on TipRanks Financial Blog.

Trulieve Cannabis Acquires Mountaineer Holding LLC; Street Sees 78% Upside

Medical cannabis company Trulieve Cannabis () has completed the acquisition of Mountaineer Holding LLC.  

Trulieve made a total payment of $6 million for this acquisition of which $3 million was paid in cash. The remaining payment was made by issuing 60,342 Trulieve subordinate voting shares.

The acquisition sets up Trulieve’s vertical integration into West Virginia and bolsters its national expansion with the addition of operations in its sixth state.   

Trulieve CEO Kim Rivers said, “We are pleased to complete this transaction quickly as the addition of Mountaineer achieves a significant presence for us in West Virginia. Our teams have already been at work in the state and adding Mountaineer to our portfolio provides significant potential for depth and scale.” (See Trulieve stock analysis on TipRanks)

Rivers added, “We look forward to serving West Virginia patients, and expect to be operational before the end of 2021.”

On April 28, Needham analyst Matt McGinley reiterated a Buy rating on the stock with a $60.75 price target (55% upside potential).

McGinley commented, "Trulieve has ~20% unit share, ~50% market share, and 80% of patients in FL are Trulieve customers. We estimate the medical cannabis market in Florida grows from ~$1.1B to ~$-2.5BI in 2024 and expect that potential changes to vertical integration requirements or adult-use legalization in Florida will benefit Trulieve.”

The company is expected to report 1Q results on May 13. McGinley expects to see “strong topline and EBITDA growth” on the back of growth in Florida operations and benefits from recent acquisitions.

Based on 9 unanimous Buys, consensus on the Street is that Trulieve is a Strong Buy. The average analyst price target of $69.74 implies 78% upside potential. Owing to heightened investor interest in Cannabis stocks, Trulieve shares have seen an approximate 301% gain over the past year.

Related News:
Microsoft Reports Better-Than-Expected 3Q Results; Shares Drop 3% After-Hours
Alphabet Pops 4% After A Blowout Quarter, Google Cloud & Ad Revenues Outperform
Apple’s 2Q Sales Pop 54% As Services and Mac Revenue Booms; Shares Gain After-Hours

The post Trulieve Cannabis Acquires Mountaineer Holding LLC; Street Sees 78% Upside appeared first on TipRanks Financial Blog.

Source : Tip Ranks More   

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0

Next Article

Qorvo Snaps up NextInput; Street Says Buy

Wireless and wired products and services provider Qorvo Inc. (QRVO) has acquired NextInput. The latter provides force-sensing solutions for human-machine interface (HMI) in diverse markets such as mobile, true wireless Read More... The post Qorvo Snaps up NextInput; Street Says Buy appeared first on TipRanks Financial Blog.

Qorvo Snaps up NextInput; Street Says Buy

Wireless and wired products and services provider Qorvo Inc. () has acquired NextInput. The latter provides force-sensing solutions for human-machine interface (HMI) in diverse markets such as mobile, true wireless stereo, consumer, automotive, IoT, robotics, medical and industrial.  

The transaction enhances Qorvo’s product portfolio and helps it in speeding up offerings of force-sensing solutions that make use of micro-electromechanical systems (MEMS)- based sensors.

Qorvo Mobile Products President, Eric Creviston said, “The NextInput team is a great addition to our Mobile products business, providing MEMS-based sensors in innovative products for customers in existing and new markets.” (See Qorvo stock analysis on TipRanks)

Creviston added, “NextInput enhances Qorvo’s technology and product leadership while opening new opportunities in next-generation human-machine interface solutions.”

On May 5, Qorvo announced its 4Q results. Revenue increased 35.8% year-on-year to $1.07 billion and came in ahead of consensus estimates by $30 million. Non-GAAP earnings per share were $2.74 and beat analysts’ estimates by $0.31.

Qorvo expects double-digit topline growth and an expansion in operating margin for the year ending March 2022. The company also announced a $2 billion stock buyback program.

For 1Q, Qorvo estimates revenue to be in the range of $1.065 billion to $1.095 billion and earnings per share of $2.45.

On May 6, Barclays analyst Blayne Curtis reiterated a Buy rating on the stock and increased the price target to $210 (13.7% upside potential) from $200.

Commenting on Qorvo’s 4Q results as a “beat and raise” quarter, Curtis noted the guidance as “conservative.”

Consensus on the Street is that Qorvo is a Strong Buy based on 10 Buys, and 3 Holds. The average analyst price target of $215.08 implies 16.5% upside potential. Shares have gained about 86.8% over the past year.

Related News:
Microsoft Reports Better-Than-Expected 3Q Results; Shares Drop 3% After-Hours
Alphabet Pops 4% After A Blowout Quarter, Google Cloud & Ad Revenues Outperform
Apple’s 2Q Sales Pop 54% As Services and Mac Revenue Booms; Shares Gain After-Hours

The post Qorvo Snaps up NextInput; Street Says Buy appeared first on TipRanks Financial Blog.

Source : Tip Ranks More   

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.