Wednesday, March 27, 2024
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Moving to Market Perform. With the shares shooting past our recently raised $16 price target, we are lowering our rating to Market Perform from Outperform. LWAY shares over the last month have increased from $12.31 to $19.16 as of yesterday’s close.
Momentum in 2024. Year-to-date, LWAY shares have increased 42.9%. Over the last five trading days, average daily volume (ADV) has been just over 221,565 shares. The last three months have had an ADV of 59,642. We believe the increased volume is a reflection on the Company’s operational performance, with the Company recently capping a record year in revenue. The takeover speculation still looms around the Company, which also could be a driver of the price.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
