Duckhorn Portfolio price target raised to $11 from $9 at BMO Capital

BMO Capital raised the firm’s price target on Duckhorn Portfolio to $11 from $9 and keeps a Market Perform rating on the shares. The firm cites the company’s agreement to be acquired by private equity firm Butterfly Equity for about $1.95B or $11.10 per share, and while the deal includes a 45-day “go-shop” period, a competing offer is unlikely, the analyst tells investors in a research note. The timing of the deal was surprising however, particularly following the recent Sonoma-Cutrer acquisition closing and potential for improved consumer spending dynamics on the medium-term horizon, the firm added.