JPMorgan on Snap (SNAP): 'not giving Q3 guidance which is the focus point of this print', 'directionally negative for the digital ad names'
Analyst Jack Atherton comments "We are initiating coverage on shares of Riverview Acquisition Corp. (RVAC) with a Buy rating and a $15 price target. RVAC is a special purchase acquisition company (SPAC) which recently announced a merger agreement with Westrock Coffee Holdings. Westrock Coffee is a leading integrated coffee, tea, flavors, extracts, and ingredient provider to some of the world’s leading restaurant, retail, and consumer packaged goods brands. Our Buy rating is predicated on the visible growth opportunities that Westrock has in its growing Flavor, Extracts, and Ingredients business, a global growth opportunity to service existing and new customers in international markets, as well as continuing growth in the company’s single-serve beverage business. While the SPAC market has been challenged during the recent market pullback, we believe that the investment opportunity in RVAC represents an opportunity to invest in an industry-leading, scaled operator in Westrock Coffee with multiple highly visible future growth opportunities and a management team and Board with a prior history of success in generating value for shareholders."