Credit Suisse Starts National Beverage (FIZZ) at Neutral, But Sees $68 Blue Sky Valuation Amid Possible DPS Takeover
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Credit Suisse initiates coverage on National Beverage (NASDAQ: FIZZ) with a Neutral rating and a price target of $55.00.
Analyst Laurent Grandet commented, "We are initiating coverage of National Beverage Corp with a Neutral rating and a $55 target price. The company's largest brand, LaCroix, is ideally positioned in the fast-growing flavored sparkling water segment. We think the company has significant optionality ahead that will drive incremental growth, margin expansion, and shareholder value. However, we think the current share price fully values these opportunities. Our EPS estimates embed an 18% CAGR through FY18; we will be the only firm with sell-side coverage."
The firm's blue sky valuation of $68 contemplates a takeout scenario (possibly by Dr Pepper Snapple).
Shares of National Beverage closed at $52.77 yesterday.
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