UPDATE: Oppenheimer Boosts Target on SodaStream to $85, Says 'Encouraged' by Recent Talks with Retailers
Shares of SodaStream (NASDAQ: SODA) gapped higher at Tuesday morning's open following some bullish comments and a raised price target from Oppenheimer's Joseph Altobello.
The stock spiked to a session high at $73.17 just after the open but has given up gains since. Shares last traded at $70.89, down about 0.2 percent from Monday's close.
Altobello boosted his price target on SODA shares from $68 to $85 while maintaining an Outperform rating.
The analyst said he likes recent channel checks and Monday's news of a deal with KitchenAid. Altobello believes SODA's current valuation does not reflect current growth options within the US.
Altobello's new price target represents potential upside of about 16 percent from where the stock is currently trading.
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