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Fly News Breaks for June 27, 2019
FIZZ
Jun 27, 2019 | 05:45 EDT
Jefferies analyst Kevin Grundy lowered his EBITDA estimates for National Beverage and reduced his price target for the shares to $33 from $34 following the company's Q4 earnings miss. Net sales were modestly better than expected, though gross margin came in "significantly worse," Grundy tells investors in a post-earnings research note. Competition has "clearly intensified" in the sparkling water space, says the analyst, who does not foresee a "quick, inexpensive, or even certain turnaround" for National Beverage's LaCroix brand. Grundy maintains an Underperform rating on the shares.
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