Vita Coco Co. stock soared 16% in Friday trading after the coconut water company was upgraded to buy from neutral at Bank of America. Analysts raised their price objective to $12 from $10. BofA says the ocean freight market is showing signs of stabilizing, which could lead to cost declines for Vita Coco. “In addition, we think shares of Vita Coco are well positioned to outperform in the case of a recession given the company has taken minimal pricing this year making its products more attractive to ‘price conscious’ consumers,” the note said. Ocean freight costs have hurt the company’s results. During the last earnings…
Vita Coco stock soars after upgrade on expectations for decline in ocean freight costs
