Stifel analyst Matthew Smith raised the firm’s price target on Vital Farms to $42 from $40 and keeps a Hold rating on the shares. The firm maintains a Neutral weighting for the Food group, primarily reflecting what it views as the “uncertain volume recovery trajectory.” Stifel estimates 3% EPS growth in 2024, supported by 1% organic sales growth and margin expansion, and notes in its preview that it adjusted sales and EPS estimates in some cases due to the firm’s outlook and/or foreign exchange impacts.
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