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Clarus Assigns 'Buy' Rating to Aphria, Sees >58% Upside

November 9, 2017

 

Clarus Securities' Noel Atkinson just assigned a 'buy' rating on shares of Aphria Inc. (TSX:APH) (OTC:APHQF) alongside a price target of $13.00 CAD per share. Aphria currently has an average price target of $9.67 CAD per share, and out of the three analysts we track that cover APH, Atkinson's price target is the highest. 

 

With a last trade price of $8.22 CAD for shares of Aphria on the TSX, this price target represents over 58% potential upside. It should be noted however, that Clarus Securities was the lead underwriter for Aphria's recent $80 million bought deal financing, where Clarus and a syndicate of underwriters purchased 11,034,500 common shares of the company at a price of $7.25 CAD per share.

 

Atkinson said “We have made modest changes to our out-year estimates. Aphria continues to trade at a meaningful discount to the three other LPs with C$1 billion-plus market caps. Our target price remains C$13.00 per share or 14x CY2019 (12 months ending February 2020) EV/Adj. EBITDA. We maintain our Buy rating. FREQUENT NEWS FLOW ON CANNABIS ACT FROM FEDERAL AND PROVINCIAL GOVERNMENTS We are resuming coverage of Aphria upon exiting research restriction. As we expected, the news flow from the federal and provincial governments regarding the federal Cannabis Act to legalize adult-use (recreational) cannabis has ramped up in recent weeks. We believe this, in conjunction with the recent strategic investment by U.S. alcohol producer Constellation Brands (NYSE: STZ, NR) in Canopy Growth (TSX: WEED, NR), supported the recent broad run-up in stock prices At the federal level, the Cannabis Act (C-45) is currently at across the cannabis Licensed Producer (LP) sector.”

 

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