Farmer Bros. price target lowered to $4.50 from $6 at Roth MKM

Roth MKM lowered the firm’s price target on Farmer Bros. to $4.50 from $6 but keeps a Buy rating on the shares. The company’s Q4 results missed the firm’s expectations due to increasing green coffee prices, and while Farmer Bros has multiple levers to improve operations and offset costs, this is likely a multi-quarter process, the analyst tells investors in a research note. Roth MKM adds that it continues to look for improved customer and product growth to fully leverage the Farmer Bros platform, which it expects to occur in FY25, though it also sees that process as “likely intermittent” until internal improvements fully take hold.