Cantor Fitzgerald on Monday downgraded Tilray /zigman2/quotes/209129655/composite TLRY -5.09% to neutral from overweight and cut the cannabis stock's 12-month price target to $11.80 a share from $18. Analyst Pablo Zuanic said the firm "has difficulty making an investment case for them based on fundamentals vs. valuations." While praising Tilray chairman and CEO Irwin Simon as a "visionary" leader that can execute a global growth strategy and corporate governance policies to attract institutional capital, the company should be valued closer to Canopy Growth , which is also rated a neutral by Cantor Fitzgerald. "We rate Canopy Growth at neutral, but we could argue that Canopy is further ahead than Tilray in building a U.S. ecosystem...and has the back-up from Constellation Brands /zigman2/quotes/207737284/composite STZ -0.26% ," Zuanic said. "Even Canopy's consumer packaged goods unit is more developed than Tilray's, if we count from the date of the acquisitions of those businesses (see BioSteel)." Shares of Tilray are up 24.7% so far this year, compared to a drop of 5.8% by the Cannabis Growth ETF /zigman2/quotes/229900483/composite BUDX -6.26% . Shares of Tilray are up 0.9% in pre-market trades on Monday.