Aurora Cannabis Rallies and Lifts Cannabis Stocks After Offering Revenue Guidance
‘Given ACB’s strong production output, we would look for this to translate to strong revenue growth in FY20,’ says Cowen.
Aurora Cannabis shares rallied as much as 14% and helped to pull the cannabis sector higher Tuesday, with the recovery in broader markets following a rout in global markets on Monday.
Aurora’s stock ACB, +10.34% ACB, +8.10% rose after it issued guidance for its fiscal fourth quarter, even though the revenue forecast was “lighter than we/the Street modeled,” as Cowen analyst Vivien Azer described it.
Aurora said it expects to deliver revenue net of excise taxes for its fiscal fourth quarter of C$100 million ($75.8 million) to C$107 million, up from C$19.1 million in the year-earlier period. The current FactSet consensus is for revenue of C$112 million.
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