Vita Coco price target raised to $38 from $30 at BofA

BofA raised the firm’s price target on Vita Coco (COCO) to $38 from $30 and keeps a Neutral rating on the shares. Based on Vita Coco’s Q3 earnings call, the firm believes inventory issues have been resolved, which is evident in the latest Nielsen data. The firm believes the inflection in retail sales growth is a function of better in stock levels and that with more inventory available, Vita Coco will be able to advertise, merchandise and promote, which will support sales growth, in addition to the company facing easy year-ago comparisons.