- Atlantic Equities analyst Edward Lewis downgraded Oatly Group AB OTLY to Neutral from Overweight with a reduced $11.50 price target, suggesting a 24% upside.
- Lewis said the investment case for the plant-based milk category "is not in doubt, but the case for Oatly as the best way to play the space is now in question."
- The analyst added that with the company's Q4 set to come in 15% below prior expectations on delayed distribution gains visibility, visibility into its near-term performance is limited.
- Oatly's outlook "feels binary and visibility is limited," Lewis notes.
- Price Action: OTLY shares are trading lower by 7.67% at $9.28 on the last check Monday.
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