Vital Farms price target lowered to $13 from $20 at Needham

Needham analyst Gerald Pascarelli lowered the firm’s price target on Vital Farms (VITL) to $13 from $20 and keeps a Buy rating on the shares after it’s Q1 earnings miss and guidance cut. Expectations were low headed into the quarter, though the results and reset to outlook came in much worse than feared, the analyst tells investors in a research note. This also marks the third straight negative revision for Vital, and at this stage, investor confidence is at a trough and will need to be rebuilt through sustained improvement in volume trends, the firm added.