William Blair starts BellRing at Outperform on ‘differentiated’ brands

William Blair analyst Jon Anderson initiated coverage of BellRing Brands with an Outperform rating and no price target. he convenient nutrition market is large and poised for continued growth given consumers’ pursuit of active lifestyles, the analyst tells investors in a research note. The firm says BellRing owns "disruptive and differentiated" brands, led by Premier Protein and Dymatize. During the next two years, Blair projects BellRing to grow sales and EBITDA at compound annual rates in the mid-teens. Moreover, BellRing operates a cash generative business and possesses a solid financial profile with declining leverage, says the firm.