Jefferies Starts Tattooed Chef Inc. (TTCF) at Hold
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(updated to add analyst comments)
Jefferies analyst Rob Dickerson initiates coverage on Tattooed Chef Inc. (NASDAQ: TTCF) with a Hold rating and a price target of $17.00.
The analyst commented, "We initiate coverage on Tattooed Chef, an ESG-friendly, plant-based frozen food player, with a Hold rating and a $17 PT. The company should benefit from shifting consumer preferences given its on-trend portfolio, but valuation looks fair at an implied ~7x EV/FY'21 branded revenues (~30% premium to peers), given the competitive backdrop, incremental distribution upside uncertainty, and cost inherent in building an emerging brand."
Shares of Tattooed Chef Inc. closed at $15.42 yesterday.
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