Vital Farms initiated with an Outperform at Mizuho

Mizuho initiated coverage of Vital Farms (VITL) with an Outperform rating and $45 price target The firm says that as the leader in U.S. pasture-raised eggs, Vital is “strongly positioned” for the structural growth of protein consumption and premiumization of the eggs category. Concerns around animal welfare are driving conversion of U.S. eggs to cage-free varieties, but only pasture raised eggs ensure a natural habitat for hens, the analyst tells investors in a research note. Miso sees eggs as low-cost option with U.S. protein consumption rising.