Truist downgraded BellRing Brands to Hold from Buy with a price target of $50, down from $55. Truist is concerned that the company’s continued decision not to meaningfully expand distribution beyond its core club and mass customers will limit the company’s ability to retain share in the protein shake category over the next 12-18 months, and tells investors in a research note that the stock fully reflects the near-term boost to the business from a potential increase of GLP-1 usage in 2024.
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