National Beverage downgraded to Underperform from Hold at Jefferies

Jefferies analyst Kevin Grundy downgraded National Beverage to Underperform from Hold with a price target of $38, down from $42. Market share losses are likely to continue for National Beverage, given both competitive and trade down risk, leading to a more prolonged gross margin recovery than what is reflected in consensus estimates, Grundy tells investors in a research note. The analyst believes this places which places National Beverage’s multiple at risk.