Guggenheim analyst Laurent Grandet last night initiated coverage of Danone with a Buy rating and EUR 87 price target. The company remains in the early innings of a "transformational strategic shift" to emphasize plant-based yogurt and milk alternatives and premiumize its global water and baby feeding portfolios, Grandet tells investors in a research note. The analyst sees an "imbalanced" risk/reward, saying many of the downside risks are already priced into the shares while there is possibility of multiple expansion over the coming year as the company proves out its growth and profit outlook.