ChromaDex (CDXC) PT Raised 90% to $17 at Oppenheimer
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Oppenheimer analyst Brian Nagel raised the price target on ChromaDex (NASDAQ: CDXC) to $17.00 (from $9.00) after the company announced Q4 results that were in line with expectations. EBITDA, of $1.1M rose from ($2.1M) the prior year, and came in modestly better than expectations for ($1.3M). CDXC did not provide specific financial guidance, management did indicate that a key objective for 2021 is to deliver positive adj. EBITDA, excluding legal expenses.
The analyst reiterated the Outperform rating, stating "we have highlighted CDXC as a still “below the radar,” high-quality, albeit speculative play within consumer healthcare. Overall, we look upon recent trends at ChromaDex and commentary from management as suggestive of a company solidifying a base, which should over time support better adoption of its core Tru Niagen product, and hence sustained, outsized sales and profit expansion. Its new partnership with WMT, while not necessarily a game-changer, we believe represents another significant step forward on CDXC's part to bring Tru Niagen to a much wider consumer audience."
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