Andrew Left’s Citron Research bolsters support for tobacco-turned-cannabis company Pyxus International, sets $65 price target
Shares of Pyxus International Inc (NYSE:PYX) jumped as high as 15% on Thursday in response to a bullish tweet and report released by Citron Research.
Long $PYX- tgt $65 Altria’s interest in Aphria shows maturation of old tobacco. Pyxus has most to gain with a defined plan and management never seen before in Cannabis https://t.co/5XBT9w5Lyg
— Citron Research (@CitronResearch) October 11, 2018
It’s a change of pace for short-seller Andrew Left’s Citron Research, which has been shorting (and scrapping with) a number of cannabis companies, such as Cronos Group Inc (NASDAQ:CRON) and Namaste Technologies Inc (CVE:N, OTCQB:NXTTF).
However, the infamous short-seller is long on tobacco-meets-cannabis company Pyxus International Inc (NYSE:PYX), with a price target of $65.
“Yesterday’s report that Altria is in talks to buy a stake in Aphria shows the maturation of legacy tobacco. PYX to be the greatest beneficiary,” said the report.
The North Carolina-based company that offers products in the leaf tobacco, e-Liquids, industrial hemp and legal cannabis industries.
READ: Tobacco player Alliance One International turns over a new (and greener) leaf as Pyxus International
Citron Research highlighted the company’s strong management team and tight float.
The tobacco company’s Canadian subsidiary recently received a cannabis cultivation license from Health Canada
Shares of the Pyxus were up 10.9% midday at $44.42
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/206929/Andrew-Left%E2%80%99s-Citron-Research-bolsters-support-for-tobacco-turned-cannabis-company-Pyxus-International-sets-65-price-target-206929.html
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