The Vita Coco Company Inc. (COCO) is a forerunner in the functional beverage category. Its brands include Vita Coco, the leading coconut water; Runa, a clean energy drink; Ever & Ever, sustainable enhanced water; and PWR LIFT, protein-infused water.
The stock has gained 5.1% year-to-date and 31.2% over the past three months to close yesterday’s trading session at $11.74. On July 8, shares of COCO soared following a rating upgrade from Bank of America, citing controlled transportation costs as the reason. The investment bank upgraded the stock to "Buy" from "Neutral" and increased the price target to $12 from $10.
