Vita Coco price target raised to $72 from $60 at BofA

BofA raised the firm’s price target on Vita Coco (COCO) to $72 from $60 and keeps a Buy rating on the shares. The company delivered a robust Q1, with sales up 37% year-over-year driven by high single-digit price/mix and 30% volume growth, the analyst tells investors in a research note. The firm added that investor sentiment continues to shift as evidence builds that Vita Coco’s strategy to take coconut water from a niche category to a mainstream beverage is gaining meaningful traction.