Tilray Inc.'s TLRY, +1.06% stock price target was nearly tripled at Cowen & Co. to more than 10-times the cannabis company's initial public offering price, with analyst Vivien Azer calling seeing a large total addressable market (TAM) opportunity supported by existing demand. Azer raised her target on the stock to $172, which is 34% above current levels. The stock, which went public on July 19 at an IPO price of $17, fell 7.5% in morning trade, but was still up 66% over the past month.Meanwhile, the ETFMG Alternative Harvest ETF MJ, has gained 12% the past month while the S&P 500 SPX, +0.29% has edged up 0.6%. "While we had initially focused on the adult use opportunity when we launched on cannabis over two years ago, the well-capitalized cannabis industry has been evolving rapidly and looks to address a far larger TAM than we had originally forecast," Azer wrote in a note to clients. She envisions four key business lines for outperform-rated Tilray and its peers, such as adult use, beauty and nutraceuticals, over-the-counter pain and sleep and pharmaceuticals.