Karat Packaging price target raised to $32 from $30 at Stifel

Stifel analyst Michael Hoffman raised the firm’s price target on Karat Packaging to $32 from $30 and keeps a Buy rating on the shares. Q4 sales were “ok despite some channel softness” due to overstocking at the customer, but profits were a miss on one-time items, notes the analyst. FY23 was “a solid performance,” but Q4 did not end well, which puts some doubt in the visibility of the FY24 forecast, the analyst tells investors in a post-earnings note.