BellRing Brands price target lowered to $75 from $85 at Barclays

Barclays analyst Andrew Lazar lowered the firm’s price target on BellRing Brands (BRBR) to $75 from $85 and keeps an Overweight rating on the shares following the earnings report. The unexpected retailer inventory destock “could raise one’s antennae of slowing demand trends,” but the dynamic is explainable, the analyst tells investors in a research note. The firm continues to see strong consumption trends for BellRing. Barclays says that as a result of Premier Protein destocking as well as a comp against a stock-up of inventory in the year ago period, the company now looks for fiscal Q3 sales to rise just low-single-digits year-over-year. However, the firm thinks the destock is likely one-time in nature.