Laird Superfoods Inc. (LSF) PT Lowered to $30 at Canaccord Genuity, Maintains Buy on Expected Strong 2022

Canaccord Genuity analyst Bobby Burleson lowered the price target on Laird Superfoods Inc. (NYSE: LSF) to $30.00 (from $40.00) while maintaining a Buy rating.

The analyst commented, "Following a conversation with CFO Valerie Ells and COO Scott McGuire earlier this week, we continue to see LSF as well-positioned for strong top-line growth and gross-margin expansion in 2022. Stock performance and fundamentals next year should be further supported by a looming CEO replacement, and related execution improvements likely to be implemented to wholesale under the new leadership. As with other CPG food companies, inflation remains a wildcard, offset by planned price increases where appropriate. Importantly, plant-based creamers are delivering growth substantially above the broader plant-based category according to data from SPINS, offering a beneficial macro backdrop. In our view, solid fundamentals, and a looming CEO catalyst, when combined with LSF’s steep valuation discount to Sustainable Food peers (3.3x vs 1.1x; EV/Revenue on ‘22E), should allow the shares to outperform the broader Sustainable Food group in 2022. Our estimates are unchanged for now. We expect to release 2023 estimates in a forthcoming 2022 sector outlook for AgTech and Sustainable Food. Our price target is reduced to $30 to reflect broad multiple compression for the peer group."

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