With business at a standstill and revenue dry, companies are dipping into cash reserves to cover costs. Few seem to be hurting worse than cruises are.The Cruise RatingsBank of America analysts Andrew Didora and Geoffrey d'Halluin maintained: * A Neutral rating on Carnival Corp (NYSE: CCL) but raised their price target from $10 to $13; * A Neutral rating on Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) with a $13 target; and * An Underperform rating on Royal Caribbean Cruises Ltd (NYSE: RCL) with a $20 target.Carnival: 9 MonthsCarnival recently suggested it requires $1 billion in liquidity per month to cover operating expenditures, customer refunds, debt obligations and other necessities. At this rate, with debt and equity offerings completed in April, Didora's suspect that Carnival can sustain itself through the end of 2020."We believe CCL could be able to reduce its monthly cash burn predominantly given potential delays in ship investments and potential debt maturities holidays, which could extend its liquidity into 2021," they wrote in a note.Norwegian: 18 MonthsNorwegian Cruise Line is paying between $70 million and $110 million each month for debt obligations, opex and capex. The analysts also anticipate about $67 million per month in refund payouts for the rest of the year.The company recently raised $2.4 billion in capital, which bolstered its liquidity position to about $3.8 billion, according to Bank of America estimates. This "is enough to get through at least 4Q21 in a worst case of no future cash sales," they wrote.Royal Caribbean: 11 MonthsAccording to Didora's estimates, Royal Caribbean has about $3.45 billion in liquidity but is burning about $330 million in cash per month. At that rate, the company can last through the first quarter of 2021 with suspended operations."For RCL to extend its liquidity into late 2021 to further de-risk its liquidity profile, we estimate it would need to raise an incremental $1.5-2.0B in capital," the analysts wrote.Price ActionAt time of publication, Royal Caribbean traded down 1.4% around $34.66, Carnival down marginally around $12.20, and Norwegian down 2.1% around $10.53.Related Links:Here's How Much Investing 0 In Carnival Stock Back In 2010 Would Be Worth TodayCruise Line Analyst Jumps Ship On Norwegian Cruise, Royal Caribbean Amid Coronavirus CancellationsLatest Ratings for CCL DateFirmActionFromTo May 2020HSBCUpgradesHoldBuy Apr 2020UBSMaintainsNeutral Apr 2020CFRAMaintainsSell View More Analyst Ratings for CCL View the Latest Analyst Ratings See more from Benzinga * Cruise Line Analyst Jumps Ship On Norwegian Cruise, Royal Caribbean Amid Coronavirus Cancellations(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are…

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With the stock collapsing following the reverse split, Aurora Cannabis (ACB) needed a strong quarter to change the trend. The Canadian cannabis company is in the middle of a transformational plan that doesn’t always work out as planned.The company delivered in spades. Not only did Aurora report crucial progress in cutting out of costs, but also the company smashed revenue estimates during the coronavirus outbreak. The stock has bounced strong off the lows and is likely headed higher now.According to TipRanks, the consensus on Wall Street is that Aurora Cannabis stock is a “hold” for investors. On one hand, TipRanks might as well have said “buy” — because analysts, on average, think the stock, currently at $10.44, could zoom ahead to $12.78, delivering about 20% profits to new investors. On the other hand, Aurora stock could present investors with better entry points than at $10.44 per share.Dazzling QuarterWhile the company only guided to a modest sequential revenue increase from the prior quarter, Aurora Cannabis grew total revenues by over C$11.8 million to C$78.4 million. The company saw impressive growth in Canadian recreational cannabis sales due to the introduction of the value brand while international medical cannabis rebounded with Germany sales back online.A big key here is that gross margins remained a healthy 54%. The value brand wasn’t destructive to margins setting Aurora on a path to reaching EBITDA profits for the first time in years.Aurora cut SG&A expenses that swelled to C$99 million in FQ2 by C$24 million to C$75 million. More importantly, the company is on a SG&A run-rate of C$55 million currently and expects to reach the C$45 million goal by quarter end. The number is far more impressive considering R&D expenses were pushed into the C$45 million target while costs were over C$5 million in the last quarter.The end result was a big C$34 million cut to the adjusted EBITDA loss. Another C$30 million cut in operating expenses in FQ4 gets the Canadian cannabis company close to EBITDA breakeven.Cash BurnSome analysts had estimated that Aurora Cannabis burned up to C$200 million in cash during the March quarter, but the number only hit C$154 million. Similar to the cut in operating expense, the company expects to make a huge leap forward in the June quarter cash burn that is a game changer for building shareholder wealth.The company ended the quarter with C$230 million in cash and is likely to reduce cash burn below C$50 million in the current quarter. First, the operating losses are likely reduced by at least C$30 million from the cash burn levels. Second, the capital spending is forecast to dip C$50 million from the prior quarter to below C$25 million in the current quarter.While it took a long time, Aurora Cannabis finally has its fiscal house in order. The company should reach EBITDA positive in the September quarter with decent revenue growth in Canada from additional retail stores in Ontario and further expansion of Cannabis 2.0 products. Not to mention, the larger companies are likely beneficiaries of weaker players struggling in the current economic climate.TakeawayThe key investor takeaway is that the valuation equation for Aurora Cannabis is far more interesting here as the market pushed the stock to post split lows of $5.30. Even at the $11 level following a big rally, the stock only has a market cap of $1.15 billion.Investors should feel much more confident in the stock here with reasonable expectations for FY21 revenues topping $300 million and the company having limited funding going. The stock is likely to make a continued rally here, but investors should wait for a pullback first to buy here after the big rally.To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

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