Oatly Group price target lowered to $4 from $7 at Mizuho

Mizuho analyst John Baumgartner lowered the firm’s price target on Oatly Group to $4 from $7 and keeps a Buy rating on the shares. Plant-based category growth has disappointed year-to-date. However, a distinction exists between plant-based beverages, or PBB, and plant-based meat, or PBM, added the analyst, who expects improvement for PBB into 2024 as inflation moderates. The Asia restructuring is “an optical blemish,” but it stems from exiting unprofitable products and “oat milk continues to grow,” the analyst tells investors.