As previously reported, Stifel downgraded Vital Farms to Hold from Buy with a price target of $40, up from $30. The company’s first quarter performance highlighted the growth potential of the business, says the analyst, who adds that the downgrade “reflects our view of the valuation, and valuation only.” Shares have re-rated over the past six months and the firm does not see sufficient upside for the shares to continue recommending investors purchase shares at these levels, the analyst added.
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