Lifeway Foods slip after Noble Capital cuts to "market perform"

Lifeway Foods

27/11/2023 14:45

** Shares of  Kefir-maker Lifeway Foods  LWAY.O  drop 3.4%
to $16.5 after Noble Capital cuts to "market perform" from
"outperform"
    ** Noble Capital says recent swings in LWAY shares appear to
be driven by expectations of "sale of the company" , exacerbated
by the thin float
    ** "We have not seen indications of a sale, and is not
forthcoming" - Noble Capital
    ** Notes that while the selloff in LWAY shares following
strong operation results was unwarranted, the subsequent price
rebound exceeds their $13 PT
    ** LWAY's shares had surged close to 40% on Nov 14., a day
after co reported Q3 results
    ** Noble Capital upgraded stock to "outperform" on Nov. 14
    ** "To maintain "outperform" rating, our PT should exceed
$19.50, which, given the uncertain state of the economy, is a
stretch in our view" - Noble Capital
    ** Stock is up 197.4% YTD 
    

 (Reporting by Pranav Kashyap in Bengaluru)