Anthony Vendetti, an analyst from Maxim Group, reiterated the Buy rating on Barfresh Food Group (BRFH – Research Report). The associated price target is $4.00.
Anthony Vendetti has given his Buy rating due to a combination of factors that underline the potential of Barfresh Food Group. Although the company’s 3Q23 revenue was at the lower end of the guidance, Vendetti acknowledges the company’s continued growth, highlighted by an 8.2% revenue growth. He also emphasizes that the company’s positive adjusted EBITDA in 4Q23 is in line with expectations. Further optimism is derived from Barfresh’s plans to expand its smoothie carton production capacity and the successful negotiation with a new Twist & Go bottle manufacturer.
Vendetti also values the company’s strategic expansion within the education channel, marked by securing contracts with several new school districts. He notes the company’s solid financial footing with cash equivalents of $1.0M and no debt, predicting a sustained positive cash flow sufficient to fund operations. Moreover, Vendetti appreciates Barfresh’s ability to maintain customer relationships despite the Twist & Go bottle recall. He believes these relationships will aid in the recovery of many clients once the new bottle manufacturing commences in early 2024. Lastly, he sees potential in the company’s focus on the education channel and the ongoing expansion of its manufacturing base, thus reaffirming his Buy rating.
BRFH’s price has also changed moderately for the past six months – from $1.330 to $1.829, which is a 37.52% increase.
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Barfresh Food Group (BRFH) Company Description:
Barfresh Food Group, Inc. engages in the development, manufacture, and distribution of ready to blend frozen beverages. It operates through the following segments: Education, Restaurants, Convenience Stores, Travel & Leisure, Sports & Amusement, Military, Business & Industry, and Hospitals & Healthcare. Its portfolio of products comprises smoothies, shakes, and frappes. The company was founded by Riccardo Delle Coste in 2005 and is headquartered in Beverly Hills, CA.
Read More on BRFH:
- Barfresh Food Group files $5.0M mixed securities shelf
- Barfresh Provides Third Quarter 2023 Results and Business Update
- Barfresh Highlights a Number of Recent Wins Within the Education Channel
- Barfresh Food Group expands presence within education channel
- Barfresh to Host Business Update Call on October 26, 2023
