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By Dhirendra Tripathi
Investing – Shares of The Honest Company Inc (NASDAQ:HNST), founded by Jessica Alba, jumped more than 4% Tuesday on a slew of upgrades after the end of a quiet period that normally follows a company’s market debut.
The day’s rally pushed the shares beyond its public issue price of $16. The 25.80-million-share offering listed on the exchanges on May 5.
The company that promotes sustainable beauty and a clean lifestyle attracted upgrades from the likes of Citi (NYSE:C), Jefferies (NYSE:JEF), JPMorgan (NYSE:JPM) and Morgan Stanley (NYSE:MS).
All touted Honest’s growth prospects, as well as Alba’s role as founder. They also gave it credit for developing successful partnerships with online channels.
Telsey Advisory Group put out the highest price target of $21 on the stock, a 27.3% appreciation from its current level of $16.50.
Most brokerages pegged their targets between $18 and $20 a share.
Morgan Stanley and Loop Capital were the outliers, with the former keeping it at $17.50 and the latter putting a hold with a $15 tag on the stock.