Sovos Brands initiated with Overweight, named Best Idea at Stephens

Stephens initiated coverage of Sovos Brands with an Overweight rating and $23 price target as part of a broader research note on Packaged Food & Beverages, also naming the stock the firm’s Best Idea in the space. The company offers a nimble portfolio of high quality brands, the best example of which is Rao’s as it has delivered impressive market share gains in the pasta category, the analyst tells investors in a research note. Sovos’ playbook is also scalable across different brands an categories, supporting its long-term growth runway, the firm adds.