Jefferies analyst Kaumil Gajrawala lowered the price target on BellRing Brands (NYSE: BRBR) to $16.00 (from $27.00) while maintaining a Buy rating.

The analyst comments "Q2 was another tough quarter, and things don't seem to be getting easier any time soon. Longer term, the story holds, anchored by protein as one of the best secular trends in Staples. We think the business is worth 15x our '28 earnings ($23/share). But we also think shares won't trade there for some time. BellRing needs to string together a few good quarters to rebuild confidence and support the re-rating. We value shares at $16 (10x '28 earnings). Buy."