BellRing Brands downgraded to Market Perform from Outperform at Bernstein

Bernstein downgraded BellRing Brands (BRBR) to Market Perform from Outperform with a price target of $11, down from $35. The company faces a “perfect storm” of surging milk protein concentrate and whey costs, which will start to hurt margins in the shake business late in fiscal 2026 and remain a margin headwind in 2027, the analyst tells investors in a research note. In addition, the firm says freight costs “are also beginning to pinch,” which is more of a concern for smaller manufacturers like BellRing than larger players.