UPDATE: H.C. Wainwright Starts The Alkaline Water Co. (WTER) at Buy
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(Updated - August 28, 2019 7:18 AM EDT)
(updated to add analyst comments)
H.C. Wainwright analyst Kevin Dede initiates coverage on The Alkaline Water Co. (NASDAQ: WTER) with a Buy rating and a price target of $3.00.
The analyst commented, "We are initiating coverage of The Alkaline Water Company, a producer and seller of specialty bottled water including alkaline, with 8.8 pH, through the Alkaline88 brand, and flavored waters, through the A88 Infused line, distributed nationally, starting with a Buy rating and setting what we see as a conservatively minded $3 target price. A confluence of drivers has led Alkaline Water to deliver strong and consistent 72% four-year CAGR to $32.2M in sales for the year ending March 2019 where: (1) the bottled water beverage segment has steadily captured market share from soda, or carbonated soft drinks (CSDs), to become the leading beverage choice in the U.S.; (2) specialty water drinks including enhanced, such as alkaline or anti-oxidant infusions, and premium brands—think Fiji water or Voss from Norway—are pushing the growth curve within the bottled water segment; (3) The Alkaline Water Co. is now introducing both a new line of flavored water and on the cusp of introducing a new line of CBD-infused products, extending its product family that in turn bolsters branding before key broker alliances, major retail chains, and consumers themselves; and (4) subtle changes in formal broker alliances are both opening the northeastern U.S. supermarket chain and big-box store markets while simultaneously cracking the hitherto untouched convenience store segment nationally. With its stock flying below investors' radar while Alkaline Water is on verge of launching new products and expanding distribution nationally, we think those that peel just the first onion skin layer back on the opportunity could come to agree with our view of a favorable risk vs. reward investment scenario, especially in light of the 43% top line growth to $46.0M included for the current fiscal year ending March 2020."
Shares of The Alkaline Water Co. closed at $1.46 yesterday.
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