Sunday, September 14, 2025

Latest

Trulieve: Canaccord Reiterates $97 Price Target Following First Quarter Results

Trulieve Cannabis (CSE: TRUL) reported its first-quarter financial results on May 13th, beating the analyst consensus. The company reported quarterly revenues of $193.8 million, a 15.1% increase sequentially, and a 102% growth year over year. The company reported gross margins of ~70%, with an operating margin of 37.4%. Earnings per share came in at $0.24, with a 15.5% net margin. Adjusted EBITDA came in at $90.8 million.

A few analysts have changed their 12-month price target on Trulieve after the earnings, bringing the mean 12-month price target slightly lower to C$87.38 from $88.08 before the earnings. The street high comes from Stifel-GMP with a C$132 price target while Cantor Fitzgerald has the lowest target price at $62.25.

In Canaccord’s note, their analyst Matt Bottomley reiterates their C$97 price target and speculative buy rating after the earnings, calling the earnings a strong quarter for Top-line and EBITDA growth. Below you can see how Trulieve stood up against Canaccord Genuity’s estimates.

Bottomley says that this 15% growth was all organic, stemming from Trulieve’s key state Florida as same-store sales increased 39% during this quarter. He also notes that the company has seen an acceleration in new patients with the average new customers per week jumping from 4,800 to >6,000 new customers per week.

This quarter also was the first full quarter of Pennsylvania operations, which could have been the reason for the very slight gross margin compression Bottomley says. Trulieve is in the wholesale business which gets lower margins than a fully integrated operation.

As for Trulieve’s outlook, Bottomley seems to think it’s pretty bright saying that adjusted EBITDA coming in at 47% is very high and he believes that they will stay high. On the Harvest acquisition he writes, “in our view, adding a market leadership position in one of the fastest-growing states in the US in Arizona and a deeper presence in Pennsylvania, among other state exposure.”

Below you can see the updated 2021 and 2022 estimates for Trulieve.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

One Response

Video Articles

Fury Gold Mines: The Eau Claire PEA

Soma Gold Q2 Earnings: Production Drops Amid Growth Effort

Guanajuato Q2 Earnings: Things Are Going Backwards

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Kinross Gold: Multiple Analysts Raise Price Target Following Dividend Resumption

This week Kinross Gold (TSX: K) announced that they would be issuing their first dividend...

Saturday, September 19, 2020, 03:47:00 PM

Kinross Gold: BMO Lifts Price Target On Chirano Mine Sale

Yesterday, Kinross Gold (TSX: K) announced the sale of its Chirano mine in Ghana. The...

Tuesday, April 26, 2022, 03:46:00 PM

Amazon: Canaccord Cuts Targets On “Macroeconomic Uncertainty And Inflation”

Amazon.com, Inc. (Nasdaq: AMZN) last week reported its third-quarter financial results. The company continued the...

Wednesday, November 2, 2022, 03:47:00 PM

Raymond James Upgrades Village Farms To Strong Buy After Pure Sunfarms Acquisition

Raymond James upgraded Village Farms (TSX: VFF) (NASDAQ: VFF) to a strong buy, up from...

Saturday, November 7, 2020, 01:51:00 PM

BMO Cuts GoGold’s Price Target Due To Market Headwinds

On July 13, GoGold Resources (TSX: GGD) announced their second quarter production results. The company...

Friday, July 15, 2022, 11:51:00 AM