Truist Turns Bullish On This Distiller, Bumps Up Price Target By 25%

Truist analyst Bill Chappell upgraded MGP Ingredients Inc MGPI to Buy from Hold with a price target of $100, up from $80, implying a 27% upside.

• The analyst cited the company's presentations from the recent analyst day and the strong year-to-date performance, adding that its legacy business should post solid and consistent performance for the foreseeable future.
• Chappell further noted that while the demand for U.S. whiskey is as strong as ever, the industry is net short whiskey, meaning almost every brand could sell more products if they had more liquid.
• Price Action: MGPI shares are trading higher by 6.60% at $78.36 on the last check Monday.