Agrify gains as brokerage sees long-term growth

Global Partners LP

01/11/2021 13:16

** Brokerage Alliance Global Partners initiates coverage of
Agrify Corp.  AGFY.O  with "buy" rating and $32 PT
    ** Massachusetts-based AGFY provides solutions to
cultivators across segments including fruits, vegetables, hemp,
cannabis
    ** "AGFY's crown jewel... is the co's Vertical Farm Unit
(VFU), which is an 8.5 ft by 4 ft by 9.3 ft unit that allows for
a controlled growing environment," AGP says, adding VFUs allow
cultivators to grow consistent cannabis products
    ** Says co is unprofitable today but sees long-term sales
growth
    ** Expects AGFY to also benefit from the wave of
legalization in several U.S. states over the coming years
    ** Last week, co entered Arizona cannabis market through
partnership with Olive El Mirage in deal valued at $23.8 mln
 urn:newsml:reuters.com:*:nFWN2RO25Z
    ** AGFY shares up 1.25% premarket at $16.25; stock dropped
about 14% in October, in its second straight monthly decline
    ** Avg. rating "buy", median PT $32

 (Reporting by Anisha Sircar)
 ((Anisha.Sircar@thomsonreuters.com))