The Globe and Mail reports in its Friday, June 20, edition that ATB Capital Markets analyst Frederico Gomes has reiterated his "sector perform" recommendation for Aurora Cannabis. The Globe's David Leeder writes that Mr. Gomes trimmed his share target by $1.50 to $11. Analysts on average target the shares at $7.74. Aurora Cannabis shares slipped 2.5 per cent on Thursday following the premarket release that included revenue rising 4.6 per cent quarter-over-quarter and 5.3 per cent year-over-year to $67.4-million, falling short of both Mr. Gomes's $69.1-million estimate and the consensus projection of $69.5-million. That led to an adjusted earnings before interest, taxes, depreciation and amortization miss of $1.9-million, which was well below the Street's forecast of $6.1-million. Mr. Gomes says in a note: "Adjusted EBITDA of $1.9-million fell from $4.3-million last quarter, with the sequential decline mostly driven by I) the revenue miss and ii) adj. SG&A of $31.6-million (which excludes business transformation costs, non-recurring costs and out-of-period adjustments totalling $8.6-million) coming in above management's $30-million target due to incremental costs associated with the integration of MedReleaf Australia."
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