Duckhorn Portfolio initiated with a Market Perform at BMO Capital

BMO Capital initiated coverage of Duckhorn Portfolio with a Market Perform rating and $14 price target. The analyst believes Duckhorn is favorably positioned for long-term growth, but expects share upside to be limited in the medium-term by consumer spending concerns. The firm also sees risk of potential incremental margin headwinds. The stock will remain pressured until visibility improves given the historical precedence of wine category to macro sensitivity, the analyst tells investors in a research note.