UPDATE: Jefferies Starts Vital Farms (VITL) at Buy
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(updated to add analyst comments)
Jefferies analyst Rob DIckerson initiates coverage on Vital Farms (NASDAQ: VITL) with a Buy rating and a price target of $47.00.
The analyst commented, "Vital Farms, an ethical food company disrupting the US food system, is the leading brand of pasture-raised eggs and butter, and the second-largest US egg brand. With its plan togrow sales at a ~30% CAGR and an aim to more than double EBITDA margins by 2024— both achievable, in our view - we initiate coverage with a Buy rating and $47 price target, or ~20% upside over the next 12 months."
Shares of Vital Farms closed at $39.38 yesterday.
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