Westrock Coffee price target lowered to $13 from $14 at Stifel

Stifel analyst Matthew Smith lowered the firm’s price target on Westrock Coffee to $13 from $14 and keeps a Buy rating on the shares after the company announced an equity issuance and debt covenant adjustment to support the build out of its Conway facility. Westrock also lowered its FY23 guidance and now expects EBITDA flat to up 10%, versus 10%-25% growth guided previously, notes the firm, which is lowering its EBITDA estimate to the low-end of the range to reflect conservatism regarding visibility into the business.