A shortened week kicked off on Tuesday with news about Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), naming Miguel Martin as its new CEO, and reporting its fourth quarter financial results of fiscal 2020.
During the last three months of this year, net revenue is expected to amount between $70 million and $72 million versus $75.5 million in the prior quarter. Aurora anticipates its cannabis net revenue to be between $66 million and $68 million, compared to $69.6 million in the previous three-month period.
Former CEO Michael Singer remains with the company as Executive Chairman. The team has “focused on building the infrastructure and capabilities necessary for a successful and diversified business,” as a part of its “business transformation,” Singer said.
Cantor Fitzgerald analyst Pablo Zuanic maintained an Overweight rating on Aurora and reduced the price target from CA$29 ($22.02) to CA$17.50 ($13.29) due to the sequential decline in June quarter sales.