Duckhorn Portfolio price target raised to $11 from $9 at BMO Capital

BMO Capital analyst Andrew Strelzik raised the firm’s price target on Duckhorn Portfolio to $11 from $9 and keeps a Market Perform rating on the shares following an agreement to be acquired by Butterfly Equity. According to the firm, the deal includes a 45-day “go-shop” period, but BMO Capital believes a competing offer is unlikely. Acknowledging recent stock performance and “challenged” near-term fundamentals, the firm told investors in a research note that it is surprised to see Duckhorn sell at “the lows” with longer-term fundamentals “seemingly intact.”