- June 15, 2021
- Posted by: Stratford Team
- Category: Business
Truist Securities analysts initiated Oatly Group AB shares at buy with a $35 price target, calling the plant-based food company’s strategy its “biggest asset” and the main reason to own the stock.
Oatly
OTLY,
-4.35%
shares began trading on May 20 at $22.12, 30.1% higher than the IPO price of $17. The stock was trading at $26.52 on Monday afternoon, and has gained 11.4% for the month to date.
“With the recent completion of the $1.4 billion IPO, the company now has the fuel to accelerate the strategy which we believe will result in top-line growth well above our initial estimates for years to come,” wrote Truist analysts led by Bill Chappell.
Read: Oatly IPO: 5 things to know about the plant-based dairy company
Also: Oatly aims to convert cow’s milk drinkers in pursuit of sales, and a better planet
Launched more than 25 years ago, Oatly follows other plant-based dairy alternatives like soy…
