BellRing Brands downgraded to Equal Weight from Overweight at Stephens

Stephens downgraded BellRing Brands to Equal Weight from Overweight with a price target of $47, up from $45. BellRing has been one of the best performing names across the staples universe in 2023, but the firm believes the strong performance of shares year-to-date, coupled with current valuation, creates a balanced risk reward setup for shares. That being said, the analyst adds that BellRing is “one of the few companies that has seemingly been unaffected by the recent pullback across packaged food & beverage stocks.”