The shares of Tilray Inc (NASDAQ: TLRY) are up 4.5% to trade at $19.85 this morning after the cannabis company received a bull note from Cantor Fitzgerald. The firm upgraded to "overweight" from "neutral," though it lowered its price target to $22 from $30.25. Following Tilray's merger with Aphria (APHA), Cantor Fitzgerald dished out new estimates, citing the company's post-merger strength, and noted that it "should enjoy favorable tailwinds in the months ahead," as consumer demands recover post-Covid-19.

The majority of analysts, however, are hesitant toward the cannabis producer. Coming into today, 10 of the 13 brokerages in coverage doled out "hold" ratings, leaving plenty of room for upgrades. Further, TLRY's consensus 12-month price target of $18.98 is a 4.4% discount to last night's close.

Still a far cry away from its Feb. 10, the two-year peak of $67, Tilray stock is down 16.4% on the quarter. However, it still boasts a healthy, 130% year-to-date lead, and once again has support from the 40-day moving average after facing pressure from the trendline since mid-March. While the 60-day moving average is still keeping a tight lid on the shares, today's positive price action could put the equity in a position to topple this trendline as well.

A short squeeze could fuel even more tailwinds for the stock. Short interest rose 9.5% in the last two reporting periods, and the 34.81 million shares sold short make up a staggering 43.2% of the stock's available float. Simply put, a further unwinding of pessimism among short-sellers could push TLRY even higher.