Innovation Beverage initiated with a Buy at Litchfield Hills

Litchfield Hills analyst Theodore O’Neill initiated coverage of Innovation Beverage (IBG) with a Buy rating and $43 price target Innovation Beverage is a developer, manufacturer, marketer, exporter, and retailer of a growing beverage portfolio of 60 formulations across 13 alcoholic and non-alcoholic brands for which it owns exclusive manufacturing rights, the analyst tells investors in a research note. The firm says the company is capitalizing on the expanding presence of lifestyle focused beverages. The shares “appear to be priced significantly below absolute and comparative metrics,” contends Litchfield.