Morgan Stanley Cuts Oatly Target to $14.50 Citing 3–5% Growth Outlook
Following Oatly’s Q4 report showing revenue of $233.8 million versus $216.1 million consensus, Morgan Stanley lowered its price target to $14.50 from $16 and maintained an Equal Weight rating. The firm highlighted Oatly’s 2026 outlook of 3–5% constant-currency revenue growth, $25–35 million adjusted EBITDA and $20–30 million capex.
1. Price Target Revision
Morgan Stanley reduced its price target on Oatly from $16 to $14.50 while maintaining an Equal Weight rating after incorporating the company’s latest quarterly performance into its valuation model.
2. Q4 Performance Highlights
Oatly reported fourth-quarter revenue of $233.779 million, beating a $216.05 million consensus, and delivered profitable growth through cost restructuring and a right-sized supply chain, according to management commentary.
3. 2026 Outlook and Guidance
For fiscal 2026, Oatly expects constant-currency revenue growth of 3–5%, adjusted EBITDA between $25 million and $35 million, and capital expenditures of $20 million to $30 million, reflecting its refreshed growth strategy.