Duckhorn Portfolio price target lowered to $19 from $23 at RBC Capital

RBC Capital analyst Nik Modi lowered the firm’s price target on Duckhorn Portfolio to $19 from $23 but keeps an Outperform rating on the shares ahead of its Q4 results. The company should clear the consensus bar for the quarter as it continues to gain market share and produce positive price and mix, though based on RBC’s latest channel work, the overall wine category remains under pressure as retailers are cutting back on inventories, the analyst tells investors in a research note. The stock will likely remain rangebound until the wine category stabilizes, the firm added.