Roth Capital Upgrades Tilray to 'Buy' With $10 Price Target

Roth Capital analyst Bill Kirk has upgraded Tilray Brands (TLRY) from 'neutral' to 'buy,' establishing a 12-month price target of $10. This valuation suggests a potential upside of more than 40% from current trading levels, providing a bullish counterpoint to the stock's recent performance. The upgrade comes at a challenging time for the company; Tilray shares have declined more than 20% year-to-date and remain over 60% below their 52-week high. Despite this, Kirk identifies three core pillars supporting his optimistic outlook. First, Tilray maintains its dominant position in the Canadian market. For the quarter ending February 28, 2026, the company's combined medical and adult-use cannabis net revenue grew 8% year-over-year, securing the top market share across flower, oils, and edibles. Second, the company's international operations have shown significant momentum. International cannabis net revenue surged 70% year-over-year to $24.1 million, now representing 37% of Tilray's total revenue. Additionally, the beverage segment reported a 22% year-over-year increase in net revenue, reaching $42.6 million. CEO Irwin Simon noted that the acquisition of BrewDog and a strategic partnership with the Carlsberg Group are central to accelerating the company's global beverage platform. However, the path to $10 remains uncertain, as Tilray missed consensus revenue estimates in its latest quarter and continues to navigate a highly volatile regulatory and economic environment within the cannabis industry.