Bellring Brands

BRBR · NYSE

$9.51−$0.08 (−0.83%)TodayMarket closed · Oct 20, 7:46 PM ET

Prev close $9.59

BRBR analyst rating

BuyConsensus of 15 analysts over the last 12 months. 60% rate it a buy.

Strong buy0
Buy9
Hold6
Underperform0
Sell0

12-month price target · 15 analysts

Average $14.72 (+54.8% upside)

Low: $10.10
Now: $9.51
High: $21.00

Upgrades and downgrades

The latest rating actions, newest first

BRBR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 16, 2026	Maintains	Overweight	$14.00 → $12.00	44%
TD Cowen	Oct 13, 2026	Maintains	Hold	$12.00 → $9.00	58%
TD Cowen	Aug 5, 2026	Maintains	Hold	$11.00 → $12.00	58%
DA Davidson	Aug 5, 2026	Maintains	Buy	$13.00 → $15.00	18%
JP Morgan	Jul 28, 2026	Maintains	Overweight	$13.00 → $17.00	40%
Stifel	Jul 22, 2026	Maintains	Buy	$14.00 → $15.00	41%
Barclays	Jul 21, 2026	Maintains	Overweight	$13.00 → $14.00	44%
UBS	Jul 16, 2026	Maintains	Neutral	$12.00 → $13.50	62%
Stephens & Co.	Jul 9, 2026	Maintains	Overweight	$20.00	24%
DA Davidson	May 15, 2026	Maintains	Buy	$34.00 → $13.00	33%

The case for and against

Updated Oct 21, 2026

Bull case

BellRing Brands is supported by strong household penetration growth, distribution gains, and protein-category tailwinds, with Premier Protein gaining share outside the club channel and consumption remaining positive across RTD shakes, powder, and Dymatize. Although 2Q26 adjusted EBITDA fell to $53.8M versus an expected $78.8M and net sales rose only 1.8% to $598.7M, volume growth of 10.8% shows demand is healthy and being masked by a -9.0% price/mix drag from promotion and trade investment. The planned repeat Walmart merchandising event in 4Q, combined with effective innovation and stronger retail execution, could help stabilize market share and restore confidence in the earnings growth algorithm.

Bear case

BellRing Brands is facing a fundamentally fragile setup because its largest customers represented about 75% of sales in FY23, it lacks long-term supply contracts, and its reliance on a single category and a concentrated supplier base leaves revenue and margins vulnerable to any disruption. The company’s profitability is also under pressure from volatile milk-, whey-, soy-, packaging-, and energy-related input costs, with gross margin down 1,180 basis points to 22.7% and a reported $11.3 million inventory charge tied to third-party ingredient quality issues. In a highly competitive convenience nutrition market, heavier promotions have not prevented softer underlying velocity, sales growth of only 1.8%, and a lower FY26 EBITDA outlook of $315 million to $335 million, underscoring weak visibility on recovery.

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