Maxim raised the firm’s price target on Barfresh Food Group (BRFH) to $6 from $5 and keeps a Buy rating on the shares. The firm cites the company having entered into a definitive agreement to acquire Arps Dairy, an Ohio-based dairy processing company, for about $1.6M in debt repayment, the analyst tells investors in a research note. While boosting revenue however, Maxim notes that due primarily to the lower margin profile of Arps product revenue and higher expected opex, its GAAP loss per share estimates “narrow slightly”.
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