Vita Coco price target raised to $17 from $13 at Piper Sandler

Piper Sandler analyst Michael Lavery raised the firm’s price target on Vita Coco to $17 from $13 and keeps an Overweight rating on the shares. The analyst remains bullish on Vita Coco’s "outsized" sales growth momentum, driven by strong demand for its branded coconut water. Elevated ocean freight rates have been a significant margin headwind, but have been falling significantly in recent months, which could drive potentially significant upside to 2023 estimates, Lavery tells investors in a research note.