Vita Coco price target raised to $36 from $33 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Vita Coco (COCO) to $36 from $33 and keeps a Buy rating on the shares. The firm notes Q3 results showed successful weathering of ocean freight-related disruptions to inventory levels that acted as a headwind to revenues, with a reduction in promotional spend and controlled SG&A costs resulting in beats on the bottom line. The growth outlook for Vita Coco remains robust, Craig-Hallum adds.