BofA raised the firm’s price target on Vita Coco (COCO) to $38 from $30 and keeps a Neutral rating on the shares. Based on Vita Coco’s Q3earnings call the firm believes inventory issues have been resolved, which is evident in the latest Nielsen data. The firm believes the inflection in retail sales growth is a function of better in stock levels and that with more inventory available, Vita Coco will be able to advertise, merchandise and promote, which will support sales growth, in addition to the company facing easy year-ago comparisons.
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Read More on COCO:
- Vita Coco price target raised to $36 from $33 at Craig-Hallum
- Vita Coco price target raised to $33 from $28 at Piper Sandler
- Vita Coco Reports Mixed Q3 Results, Ups Guidance
- Vita Coco reports Q3 EPS 32c, consensus 26c
- Vita Coco expects FY24 revenue $505M-$515M, consensus $505.92M
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.