Stock in the thriving coconut water brand Vita Coco (NASDAQ: COCO) started soaring today after receiving valuable attention from some of the biggest global financial firms. The company made its public debut last month and has already recorded impressive levels of growth in an emerging market that is starting to turn heads.
Goldman Sachs alongside Wells Fargo and other investment firms has all issued bullish ratings for Vita Coco – reassuring investors that their buy is firmly backed, causing the stock to rally just over 22% in the early hours of Monday trading.
Sitting at a current price of $17.77, Goldman Sachs’ price target of $22 was clearly enough to herald today’s bull run, with faith that the brand will continue to grow and prosper globally following its successful, innovative product line and booming IPO.
Currently, Vita Coco is the dominant name in the coconut water sector, with a promising armory of nutritional, alluring products. Again, Wells Fargo backed the brand and its position in a fast-growth sector, with the nonalcoholic beverage market estimated to be worth $199B.
Vita Coco appears to be robust, distinct and memorable. Establishing firm foundations in a highly competitive sector, the company looks to be set for a promising next quarter. Consolidating with daily gains of around 20%, it will be interesting to see how the stock holds up once the flurry of analyst ratings fades. COCO stock is trading around the $17.60 mark.