TerrAscend shares perk up on prospects for New Jersey cannabis sales

TerrAscend Corp. TRSSF, +2.24% TER, +0.58% shares rallied 8.3% to close at $5.36 on Thursday after the company said it’s encouraged by prospects for adult use cannabis sales in New Jersey, as it released its fourth-quarter results. Cantor Fitzgerald analyst Pablo Zuanic on Thursday reiterated an overweight rating on the stock and set a March 2023 price target of $7.90 a share, compared to his earlier price target of $7.65 a share for December 2022. TerrAscend’s fourth-quarter sales missed consensus estimates and its first-quarter outlook is also below consensus, he said. “However, that may all be a moot point with the company set to benefit from the start of N.J. rec sales, the beginning of the integration of Gage in Michigan…and continuing to regain share in Pennsylvania,” Zuanic said.