BellRing Brands price target raised to $52 from $44 at Needham

Needham raised the firm’s price target on BellRing Brands to $52 from $44 and keeps a Buy rating on the shares. BellRing had a very strong end to FY23 with sales and EBITDA in Q4 ahead of Street estimates, the analyst tells investors in a research note. While pricing won’t benefit the top line in FY24, lower input pricing will likely offset higher levels of marketing and promotional spend to keep EBITDA rate at the higher end of the 18%-20% long-term EBITDA margin guide, the firm argues.