What happened

Another day, another price-target cut for struggling Canadian cannabis company Tilray Brands (TLRY -0.57%). In the wake of quarterly results reported by the company late last week, one more analyst reduced his expectations for its prospects. As a result, the frequently battered stock took another hit on Monday, falling by more than 6% across the day.

So what

Monday's Tilray downgrader was Stifel prognosticator Andrew Carter, who took an axe to his price target by slicing it down to $3.30 per share from his previous $5.50. Nevertheless, he obviously has at least a bit of hope in the company, as he's maintaining his hold recommendation on the stock.

This should sound very familiar to Tilray shareholders; their company has been hit by a series of similar cuts and even recommendation downgrades in recent days. On Friday, Benchmark's Mike Hickey change his outlook on the stock from hold to sell, due to understandable concerns about the tough Canadian weed market and the still-dim prospects for pot legalization in countries outside North America.

Now what

These and other analyst adjustments came in the wake of Tilray's fiscal fourth-quarter earnings report -- which, for a Canadian marijuana company, wasn't actually all that bad. The company posted double-digit growth in revenue on a year-over-year basis. And stripping out a noncash impairment charge (basically an accounting adjustment) reveals a bottom-line loss that isn't as deep as it appears at first glance.

But all of this is relative, and Tilray remains a struggling company in a challenging market. Investors might do well to heed the latest moves by analysts on their coverage of the stock.