BellRing Brands price target raised to $57 from $47 at Mizuho

Mizuho raised the firm’s price target on BellRing Brands to $57 from $47 and keeps a Buy rating on the shares. The analyst says the company’s fiscal Q4 was the latest successful delivery of guidance, despite juggling material new production capacity and limited marketing spending. The quarter reinforces Mizuho’s confidence that fiscal 2024 will likely evolve toward at least at the high end of guidance, the analyst tells investors in a research note. The firm says that as supply expands, promotions normalize, and marketing increases, BellRing is well positioned to expand category leadership while distribution growth, innovation, new households, and larger contributions from international and even foodservice sustain double digit revenue in the out years.