National Beverage price target lowered to $31 from $32 at UBS

UBS reduced its price target for National Beverage (FIZZ) to $31 from $32 and kept a Sell rating on the shares. In a research note following the company’s Q1 results, the analyst cited weaker volumes and a more challenging cost environment. UBS said the stock’s post-earnings rally was driven by management’s “constructive commentary” on trends seen quarter-to-date and optimism about a path back to growth. Even with that improvement in tone, UBS believes National Beverage’s visibility remains limited both from a sales perspective and regarding profitability.