Stifel trims BellRing Brands price target, calls pullback ‘overdone’

Stifel lowered the firm’s price target on BellRing Brands (BRBR) to $66 from $81 and keeps a Buy rating on the shares. BellRing reported a stronger third quarter for both revenue and EBITDA, but only maintained the midpoint of its outlook for the year with increased competitive activity being called out, the analyst noted. The firm views the pullback in the shares, which it attributes mostly to multiple compression, as “overdone” and one that presents “an attractive level to increase ownership,” the analyst tells investors.