National Beverage price target lowered to $45 from $46 at UBS

UBS analyst Peter Grom lowered the firm’s price target on National Beverage to $45 from $46 and keeps a Sell rating on the shares. National Beverage’s top line growth was more than offset by stronger gross margin expansion and favorable below-the-line items, the analyst tells investors in a research note. Shares have been largely range bound since the print as many viewed the Q1 results as a non-event, and UBS thinks the path forward for National Beverage centers on the company’s top-line trajectory.