Tilray price target slashed at Haywood

Following the company’s third quarter results, Haywood analyst Neal Gilmer has lowered his price target on Tilray Brands (Tilray Brands Stock Quote, Chart, News, Analysts, Financials TSX:TLRY).

On April 8, TLRY reported its Q3, 2025 results. In the third quarter, the company posted Adjusted EBITDA of $9.0-million on Net Revenue of $185.8-million, down from $188.3-million, year-over-year.

“Tilray Brands is shaping the future of consumer markets with a robust global infrastructure spanning the beverage, cannabis, and wellness industries,” CEO Irwin D. Simon said. “We are meeting the needs of today’s consumers while preparing for the demands of tomorrow. In the third quarter, we prioritized sales quality and revenue, protected margins, reduced debt, and improved our capital structure. With a strong balance sheet and a clear vision for the future, Tilray is well positioned to capitalize on emerging opportunities and ensure long-term success.”

Gilmer offered his take on the development.

“Tilray released its Q3/25 results for the period ending February 28th, 2025, with revenues and EBITDA lower than expectations as the Company noted impacts from strategic decisions and SKU rationalization impacting revenues in the quarter,” he wrote. “As a result, gross margins did improve as the focus is on more profitable sales.”

In a research update to clients April 9, Gilmer maintained his “Hold” rating on TLRY while cutting his price target from $1.40 to $0.60.

The analyst thinks the company will post EBITDA of $55.2-million on revenue of $846.9-million in fiscal 2025. He expects EBITDA of $68.9-million on revenue of $908.7-million in fiscal 2026.

“We have updated our model to reflect the Q3 results and the revised guidance,” Gilmer concluded. “Our estimates for F2026 are also adjusted, reflecting a more modest improvement in EBITDA margins. We have lowered our target price to $0.60 (from $1.40), which is based on a 0.7x EV/Sales multiple (prev. 1.5x) to our F2026 revenue estimate discounted by 15%. With the multiple compression in the sector and macro-based volatility we maintain our Hold rating despite the implied return to our target.”