Applied Nutrition PLC has received backing from Deutsche Bank analysts in the wake of its float in London earlier this year.
Initiating coverage of the protein shake maker, Deutsche issued a ‘buy’ rating and 180p share price target.
Overall, the sports nutrition market was estimated to be worth £189 billion, Deutsche said, with compound annual growth of 8% expected up to 2028.
“We believe growth is underpinned by several structural mega-trends,” analysts continued.
“[This includes] increased focus on lifestyle choices, greater awareness of the role of nutrition in delivering health outcomes and an improving product range tailored to meet consumer requirements.”
Applied Nutrition, which was founded in 2014, has enjoyed rapid growth on the back of its business-to-business model, alongside in-house production and innovation capabilities, Deutsche pointed out.
“Applied Nutrition’s focus on innovation is a clear differentiator, allowing the business to grow ahead of the wider category,” Deutsche added.
Shares were up 0.4% at 136.50p on Thursday.