<div id="readability-page-1"><p>11:45 AM EST, 12/12/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:</p><p>We lower our 12-month price target by $7 to $38, based on a 2027 P/E of 18.5x, a justified discount to FIZZ's five-year mean forward P/E of 25.9x. We lower our adjusted EPS estimates to $2.00 from $2.05 for FY 26 and to $2.05 from $2.10 for FY 27. Following FIZZ's fiscal Q2 2026 bottom-line miss, we are lowering our estimates and price target and maintaining a Hold opinion on the shares. In our view, the primary challenge facing the company is growing its top line in a difficult environment for beverage companies, noting that FIZZ's case volumes were down 6.0%, while its average sales price was up 5.3% during the quarter. In our view, the company's lack of consumer traction with new products continues to weigh on growth, as sales of new LaCroix flavors have been tepid. While we regard FIZZ's recent initiation of buybacks as positive and the shares are currently trading at a material discount to historic average multiples, we consider its valuation fair and catalysts remain difficult to identify.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

FIZZ

<p>CFRA maintains a Hold opinion on National Beverage Corp. shares, lowering the 12-month price target to $38 and adjusted EPS estimates for FY 26 and FY 27. The company faces challenges in growing its top line, with declining case volumes and tepid sales of new products. Despite recent buybacks and a discount to historic averages, CFRA considers the valuation fair with limited catalysts.</p>

Research Alert: CFRA Maintains Hold Opinion On Shares Of National Beverage Corp.