In a recently released analyst research report, Northland Securities‘ Senior Research Analyst Michael Grondahl reiterated his hold rating on shares of New Age Beverages Corporation (NASDAQ:NBEV) with a price target that suggests some noteworthy upside to come.
This analyst guidance update comes on the heels of New Age Beverages’ Q2 fiscal 2019 earnings release, where the company reported record sales, with net revenue reaching $66.3 million versus a prior year of $13.4 million, a growth of 397%.
Michael Grondahl’s NBEV price target of $5.00 USD per share implies a potential upside of approximately 38.89% based on the last traded price of $3.60 USD per share on the NASDAQ.
According to AnalystRatings, “New Age Beverages Corporation has an analyst consensus of Moderate Buy, with a price target consensus of $8.33.”
Where are New Age Beverages’ CBD Products?
Zach Ross, Marley Marketing Manager at New Age commented, “We believe we have developed unique consumer insights and accessed superior technology in CBD-infused beverages over the past year, and we are excited to share those insights with key retail partners. We believe we are in a position to bring national leadership to this emerging growth segment, and intend to launch the most efficacious and safe CBD-infused products for consumers, with the most responsible marketing and education to a segment that has potential to be transformative to healthy functional beverages.”
While the FDA figures out its stance on CBD-infused beverages, New Age Beverages Corporation has launched a CBD brand, called ’NHANCED, which offers cannabidiol-infused tinctures, topicals, and more.
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