The fallout continued Friday for National Beverage as the LaCroix maker's shares tanked following an earnings release on Thursday that blamed the company's dropoff in profit and sales on 'injustice.'
The fallout continued Friday for LaCroix maker National Beverage following the CEO's bizarre explanation for the company's dismal earnings. Investment firm Guggenheim also issued a rare"sell" rating on the stock.
CEO Nick Caporella blamed the weak performance on"injustice!" in a statement issued with the earnings report. Without addressing Caporella's unusual comments, Guggenheim recommended investors sell their shares and lowered its price target from $72 a share to $45, according to a research note published Friday when the stock was trading at around $54. Analysts led by Laurent Grandet cited rising competition in the flavored carbonated water industry and a drop in social media buzz about LaCroix for their decision to cut the rating.
A lawsuit filed in October accused the popular sparkling water company of mislabeling its products as all-natural, sending National Beverage Shares lower that day. The suit claimed that LaCroix included non-natural and synthetic compounds in its seltzer.
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