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Roth MKM Analyst Raises Sow Good's Price Target by 40% on Bullish Outlook

By Don Francis, Editor
May 17, 2024 10:05 AM UTC
Roth MKM Analyst Raises Sow Good's Price Target by 40% on Bullish Outlook

Roth MKM's George Kelly raised their price target on Sow Good (NASDAQ: SOWG) by 40% from $15 to $21 on 2024/05/16. The analyst reiterated their Strong Buy rating on the stock.

Sow Good, a freeze-dried snacks and food company, recently reported its Q1 2024 earnings, surpassing expectations. The company's EPS of $0.06 beat the consensus estimate of $(0.02) and showed significant improvement compared to Q1 2023's $(0.29). Additionally, Sow Good reported revenue of $11.4 million, a substantial increase from Q1 2023's $198.9K, and EBITDA of $2.45 million compared to Q1 2023's $171.3K.

CEO Claudia Goldfarb expressed optimism about the company's performance, stating, "We carried our momentum into Q1 2024 and continued to address strong consumer demand for freeze-dried candy." Goldfarb also highlighted the company's efforts to expand production capacity, with the installation and operation of their fifth freeze drier and plans for a sixth one by Q3 2024. Sow Good has also been ramping up co-manufacturing partnerships in China and Colombia to meet growing demand.

The positive Q1 2024 results and the company's commitment to expanding production capacity have led to a favorable analyst rating for Sow Good. George Kelly, an analyst at Roth MKM, expressed bullishness on the company's future. Despite the stock's 50% appreciation over the past five days, Kelly believes that Sow Good's risk/reward profile remains favorable. The stock closed at $11.11 on 2024/05/14 (pre-print) and reached $17.55 on 2025/05/16, showing a gain of 58%.

Kelly's price target increase reflects their confidence in Sow Good's potential. The analyst raised the price target from $15 to $21, indicating a 40% upside potential. Alongside the increased price target, Kelly reiterated their Strong Buy rating on the stock.

It is worth noting that all top-rated analysts currently rate Sow Good as a Strong Buy or Buy, with no analysts suggesting a Hold or recommending selling the stock. This consensus among analysts further supports the positive outlook for Sow Good.

George Kelly, the analyst behind the recent rating and price target increase, is ranked in the top 18% of Wall Street analysts by WallStreetZen. With an average return of 5.8% and a 46.8% win rate, Kelly specializes in the Consumer Cyclical and Healthcare sectors, among others.

Sow Good Inc., formerly known as Black Ridge Oil & Gas, Inc., is a freeze-dried snacks and food provider based in Irving, Texas. The company offers a range of products, including snacks, smoothies, soups, and granola, marketed under the Sow Good and Sustain Us brands. Sow Good sells its products through direct-to-consumer channels and business-to-business sales.

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