Evercore ISI raised the firm’s price target on BellRing Brands to $60 from $57 and keeps an Outperform rating on the shares. As a result of strong category demand and share gains fueled by expanding Premier Protein ready-to-drink production and an increase in planned promotion spending, the firm is increasing its FY24 organic sales growth estimate to 17.5% from 15%. The firm believes momentum can sustain organic sales growth in FY25 at the high end of the company’s 10%-12% growth target and EBITDA growth of low-double digits, the analyst added.
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