The Globe and Mail reports in its Thursday, Dec. 12, edition that TD Cowen analyst Derek Lessard rates Aurora Cannabis "buy" in new coverage. The Globe's David Leeder writes in the Eye On Equities column that Mr. Lessard set a share target of $9, which is 25 cents less than the consensus. Mr. Lessard says in a note: "Aurora Cannabis's current valuation presents compelling risk-reward trade-off, in our view, despite lingering risks in the emerging cannabis industry including rampant illicit markets, limited insurance coverage, and unpredictable path to further de-regulation. [We see a] substantial disconnect between price and fundamentals. Aurora Cannabis remains largely a retail stock. It is trading at a seven times EV/EBITDA discount to Tilray, and in line with peers on price/sales (ex-Cronos) despite its above-average margins and stronger financial position. We expect continued execution strength and financial discipline over the next 12 to 18 months, supported by new market growth, increased penetration and share gains, to renew institutional investor interest and lift valuation up off the bottom. ... Aurora Cannabis has one of the best EBITDA and FCF margin profiles among Canadian Licensed Producers."