2023-03-09 13:19:26 ET
The Duckhorn Portfolio ( NYSE: NAPA ) rallied on Thursday after narrowly topping consensus estimates with its FQ2 earnings report .
The St. Helena, California-based Company delivered organic net sales growth of 4.8% year-over-year, with the growth primarily driven by wholesale volume. Crucially, NAPA noted that demand for high-quality luxury wines remains strong and very few signs of consumers trading down have been seen.
Adjusted EBITDA was up 13.1% year-over-year to $38.8M.
On Wall Street, Barclays upgraded Duckhorn Portfolio ( NAPA ) to an Overweight rating from Equal Weight and set a price target of $19. The firm thinks the quality business performance is still very much intact and pointed to a multi-year horizon of solid runway ahead. Bank of America reiterate its Buy rating and backed its $20 price objective, which is based on a 16X multiple to the 2024 EV/EBITDA estimate.
Shares of NAPA were up 6.87% at 1:20 p.m. on Thursday.
Dig into the Duckhorn Portfolio earnings call transcript.
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Duckhorn Portfolio stock rallies after earnings beat, Barclays upgrade