Cowen analyst Vivien Azer on Tuesday reiterated her outperform rating on Curaleaf Holdings Inc. and trimmed her 2023 revenue estimate to $1.64 billion from $1.65 billion based on the cannabis company's shift away from its lower margin wholesale business. Curaleaf's 8% growth in sales over the previous quarter beat Cowen's forecast of 2%. Gross margin was 250 basis points above Cowen's projection of 52% and adjusted Ebitda of 25.5% beat Cowen's estimate by 220 basis points. Shares of Curaleaf are down 36.8% this year, compared to a loss of 53.7% by the AdvisorShares Pure US Cannabis ETF (MSOS) and 19.2% loss by the Nasdaq .
(END) Dow Jones Newswires
August 09, 2022 07:28 ET (11:28 GMT)
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