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UPDATE: Jefferies Downgrades Aurora Cannabis to Underperform, Announces C$14 Price Target As Firm Notes 3 Catalysts:

1. Recent sharp re-rating appears irrational when many of the market fears appear still evident 2. We see no improvement to margins like consensus is expecting and while ATM may not be used near-term, there will likely be dilution when the balance sheet is add

Benzinga · 05/22/2020 15:38

1. Recent sharp re-rating appears irrational when many of the market fears appear still evident

2. We see no improvement to margins like consensus is expecting and while ATM may not be used near-term, there will likely be dilution when the balance sheet is addressed

3. Some cash flow measures look unsustainable to us, further hampering ability to become cash flow positive