Tilray (TLRY) shares surged after Jefferies analyst maintained a “Buy” rating with a $2 price target, predicting a 50% increase. The firm’s positive outlook is based on potential reclassification of cannabis as a Schedule III drug, which could boost profitability and legitimacy for Tilray. Institutional interest and improved financial outlook also contribute to the bullish sentiment. Despite caution from Wall Street, TLRY stock remains a “Moderate Buy” with a mean target of $1.27.

Read more at Yahoo Finance: Jefferies Just Raised Its Tilray Stock Price Target 33%. Should You Buy TLRY Here?