UPDATE: Mizuho Securities Starts Oatly Group AB (OTLY) at Neutral
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Mizuho Securities analyst John Baumgartner initiates coverage on Oatly Group AB (NASDAQ: OTLY) with a Neutral rating and a price target of $7.00.
The analyst comments "We initiate coverage of Oatly Group AB (OTLY) with a Neutral rating and $7 price target. Oatly is the leading producer of oat milk, one of the newest varieties of plant-based beverages (PBBs), and is rapidly scaling production across three continents. We are bullish on the long-term growth potential for PBBs (currently an $18 billion global market), oat milk's ability to gain share within PBBs, and OTLY's leadership within the oat variety. However, lingering COVID volatility, supply chain challenges, and significant cost inflation are untimely. We believe such factors present headwinds for near-term growth and the delivery of Street estimates during 2022. We believe patient investors may find a better entry point."
Shares of Oatly Group AB closed at $6.85 yesterday.
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