Maxim Group Keeps a Buy Rating on New Age Beverages Corporation

In a report released today, Anthony Vendetti from Maxim Group maintained a Buy rating on New Age Beverages Corporation (Other OTC: NBEV), with a price target of $6. The company’s shares opened today at $3.50.

Vendetti noted:

“Yesterday, NBEV reaffirmed 2018 gross revenue guidance of $90M-$110M, above our estimates and consensus. Doubled points of distribution by adding 81,000 locations in the past six months. On 1/11/18, announced initial rollout of XingTea into 3,000 CVS locations. Added a $15M line of credit with annual interest of LIBOR + 2%.”

According to TipRanks.com, Vendetti is a 5-star analyst with an average return of 16.3% and a 63.0% success rate. Vendetti covers the Services sector, focusing on stocks such as Quest Diagnostics Inc, Express Scripts, and Laboratory Corp.

New Age Beverages Corporation has an analyst consensus of Moderate Buy, with a price target consensus of $6.

Based on New Age Beverages Corporation’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $15.05 million and GAAP net loss of $479.9K. In comparison, last year the company earned revenue of $10.54 million and had a GAAP net loss of $1.51 million.

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New Age Beverages Corp. is a beverage company which is engaged in the development, marketing, sales and distribution of Ready-to-Drink beverages. Its brand includes XingTea, XingEnergy, Aspen Pure, Bucha Live and Kombucha. The company was founded by Neil Fallon on April 26, 2010 and is headquartered in Denver, CO.

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