BMO Capital analyst Benjamin Mayhew raised the firm’s price target on Vital Farms (VITL) to $60 from $50 and keeps an Outperform rating on the shares after meeting with its management team to discuss the company’s asset light business model, runway for growth, capacity expansion projects and exogenous forces. The firm has come away with greater confidence in its rating, reflecting the long runway for growth in pasture raised eggs, strong visibility on Vital’s farmer pipeline and capacity expansion projects and Vital’s ability to manage exogenous factors, the analyst tells investors in a research note.
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