Tilray Inc. shares /zigman2/quotes/209129655/composite TLRY -1.74% fell 3.2% in premarket trade Wednesday, as analysts weighed in on a mixed set of earnings with Benchmark analyst Mike Hickey slashing his price target in half. Hickey lowered his price target to $40 from $80 and said profitability again disappointed. "We remain cautious on the Canadian regulatory construct, and expect on-going near term supply and distribution constraints," the analyst wrote in a note to clients. He maintained his buy rating on Tilray stock. MKM analyst Bill Kirk said where other cannabis companies have missed on the top and bottom line, Tilray only missed on the bottom line. "We like Tilray's strategy around: 1) entering the U.S. via hemp seed food products, which serves as a launch pad as regulations change; 2) cultivating in Portugal to service the European markets; and 3) being open to less capital intensive raw material sourcing," Kirk wrote in a note to clients. The analyst has a neutral rating on Tilray stock, which has fallen 69% in 2019, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +0.17% has fallen 26% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.0073% has gained 23%.