Zevia downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Bonnie Herzog downgraded Zevia to Neutral from Buy with a price target of $3, down from $5. The company preannounced weaker than expected Q2 sales and lowered its fiscal 2023 sales guidance, citing pressures entirely related to supply chain disruption, the analyst tells investors in a research note. The firm has concerns that these pressures may take longer to resolve than expected and weigh on Zevia’s top and bottom lines. As such, it now sees a more balanced risk/reward in the shares.