OTLY - Why Oatly Group Stock Tasted Sour Today
Investors weren't thrilled about the latest news coming from Oatly Group (NASDAQ: OTLY) , and that also applies to analysts tracking the stock. After the oat milk purveyor reported its latest quarterly results Monday morning, not one but two prognosticators became notably more bearish on the stock the following day. The market took heed, and the stock closed nearly 5% lower in price.
The larger bear of the pair was Bank of America Securities' Bryan Spillane. Before market open, he cut his price target on Oatly stock to $2.58 per share from his preceding $3.00. He maintained his neutral recommendation on the stock as he did so.
His peer Kaumil Gajrawala at Credit Suisse made a similar move, making a slightly less drastic adjustment by reducing his level to $3.30. Formerly, he had estimated Oatly's value at $3.43 per share. Like Spillane, he kept his neutral recommendation on the shares intact.
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Why Oatly Group Stock Tasted Sour Today