Black Rifle Coffee cools down as Raymond James downgrades

BRC

05/04/2022 14:21

** Black Rifle Coffee's  BRCC.N  shares down 11.6% at $25
premarket, threatening to snap 10-day winning streak, as Raymond
James downgrades to "market perform" from "outperform"
    ** Shares on Mon surged 28.7% to $28.28, highest close since
co de-SPACed in Feb  urn:newsml:reuters.com:*:nL2N2W21L9
    ** Raymond James says BRCC's "attractive" growth story looks
priced in given stock's recent strength
    ** Valuation relative to other fast growing food, beverage
and DTC lifestyle cos is "fair at best", Raymond James says, and
suggests investors look for a more attractive entry point
    ** "We know of no fundamental reason to explain the sharp
move higher, and as such, we believe a neutral stance is
justified at this point," brokerage says
    ** Raymond James removes prior PT of $21
    ** Now, 4 of 9 analysts rate BRCC "buy" or higher, rest have
"hold" or equivalent; median PT is $19.50, per Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))