Cantor Fitzgerald analyst Pablo Zuanic on Friday reiterated a neutral rating on Aurora Cannabis ACB, -2.18% ACB, -1.88% and cut his 12-month price target to C$7.60 from C$10.75 due to reduced sales estimates. The company said it expects to reach positive Ebitda by the first half of fiscal year 2023, but Zuanic said the company remains a long-term turnaround story. “We realize pressures in the domestic recreational unit, in part, offset progress in other areas, so trend-wise we are constructive, but do not have enough fodder to upgrade the stock,” he said. After the closing bell on Thursday, Aurora Cannabis said its second-quarter loss narrowed to C$75.1 million ($59 million) from more than C$300 million a year ago. Revenue fell to C$60.6 million in the quarter, down from C$67.7 million a year ago. The company’s loss in the latest quarter was wider than the loss of C$45.4 million expected by analysts, but its sales beat the target of $C59.1 million, according to FactSet. Shares of Aurora Cannabis are down 3.3% in premarket trades.
