The Duckhorn Portfolio, Inc. (NAPA) PT Lowered to $6 at Barclays

Barclays analyst Lauren Lieberman lowered the price target on The Duckhorn Portfolio, Inc. (NYSE: NAPA) to $6.00 (from $8.00) while maintaining a Equalweight rating.

The analyst comments "NAPA's FY24 guide cast a wide net of potential outcomes for F4Q (-7.4% to +2.5% excluding the Kosta Browne shift) - and frankly it's tough to try to pin point where exactly in that range the quarter will fall given the primary swing factor is distributor de-stocking where we have no real visibility. So what we think matters much more is the industry setup into FY25, and more specifically 1) how much progress was in fact made to get inventories in a better spot for next year, 2) perspective on recent consumer trends within the luxury wine segment; and 3) NAPA portfolio's momentum into FY25. With this note, we temper our FY25 organic sales forecast by -50 bps to better reflect an ongoing muted industry backdrop (albeit with continued NAPA share gains)."

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