For oat milk fans out there, Oatly (NASDAQ: OTLY) increasingly proves itself a winner. Oatly stock spiked in Tuesday trading thanks to a whole new deal that will expand Oatly’s footprint in a big part of Europe.
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The latest deal for Oatly comes as it expands its connection with Reitan. Reitan is one of the biggest names in retail in both Nordic and Baltic countries, which gives Reitan a particularly close tie through much of Scandinavia. Thanks to this deal, Oatly products will grace coffee machines throughout Reitan’s network of convenience stores in Sweden. That means access to 90 7-Eleven locations, but also around 300 Pressbyran stores.
Reports note that Reitan stores see a total of around 350,000 people per day. While not all of those will come for Oatly, enough likely will to make a meaningful impact. Oatly general manager for the Nordics region, Jonas Persson Follin, called the move a means to “reduce people’s reliance on dairy and encourage more sustainable consumption habits.”
Overall, analyst consensus calls Oatly stock a Moderate Buy. Thanks to its average price target of $3.76 per share, Oatly stock also enjoys 39.26% upside potential.
