Bellring at all-time high after BofA raises PT on protein shake demand

BellRing Brands

15/10/2024 18:58

** Shares of protein-based food and beverages company
Bellring Brands  BRBR.N  rise as much as 5% to an all time high
of $66.93 
    ** BofA raises price objective of BRBR to $75 from $67 on
rising ready-to-drink protein shake growth
    ** Says BRBR's brand Premier Protein and Coca-Cola's  KO.N 
Core Power to be drivers of demand of protein shakes among
mainstream consumers
    ** Notes that Premier Protein's presence is rooted in meal
replacement, club stores and pharmacy sections, while Core Power
is placed in advantageous beverage and dairy sections in
convenience stores and gas stations 
    ** Says BRBR is likely to seek a direct-store delivery
(DSD)partner - where products are supplied directly to retailers
- to expand distribution capabilities
    ** Also says price promotions and increased foot traffic
through DSD-powered better store display, along with almost
three times the offerings of Core Power, would enable co to
accelerate sales growth  
    ** 12 of 15 brokerages rate the stock "buy" or higher and
three "hold", with a median PT of $67
    ** Up to Monday's close, stock had risen ~15% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))