Aegis Capital Remains Positive on New Age Beverages (NBEV) Ahead of Major Product Launches

Aegis Capital analyst Rommel Dionisio reiterated a Buy rating and $4 price target on New Age Beverages Corp (NASDAQ: NBEV) following disappointing Q4 results but remains positive ahead of major product launches.

Dionisio commented, "Despite the 3Q miss, we continue to believe New Age Beverages can generate significant revenue growth acceleration in upcoming quarters driven by a significantly expanded distribution platform in the U.S. and Canada, as well as major upcoming new product launches. In addition, we expect gross margin expansion in upcoming quarters due to fixed cost absorption from higher sales. Therefore, we maintain our price target on shares of NBEV of $4, which is derived by applying an Enterprise Value/2019E Revenue multiple of 3x."

For an analyst ratings summary and ratings history on New Age Beverages Corp click here. For more ratings news on New Age Beverages Corp click here.

Shares of New Age Beverages Corp closed at $3.13 yesterday.

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