BellRing Brands price target lowered to $50 from $90 at BofA

BofA analyst Bryan Spillane lowered the firm’s price target on BellRing Brands (BRBR) to $50 from $90 and keeps a Buy rating on the shares. The post-earnings reaction in shares “illustrates the markets waning confidence” in BellRing’s ability to compete effectively in the ready-to-drink protein category, says the analyst, who adds that execution having faltered for a second quarter puts shares “in the penalty box.” However, the firm reiterates a Buy rating given its “continued optimism” around the category and consumer and retailer interest in BellRing’s portfolio.