Analysts said the more profitable on-trade demand, which includes restaurants and bars, faces risks such as re-closures in parts of the US.
The stock, which has rocketed 150% from mid-March lows outperforming the sector up only 28%, “appears to price in a seamless recovery in financial year 2021, including continued share/distribution gains in the US and Europe over the mid-term”.
The mixers producer's target price was bumped up to 1,900p from 1,260p reflecting the outperformance.
The six months to June 30 are expected to see a 24% decline in organic sales to £90mln, with underlying earnings (EBITDA) down 34% to £24mln.
However, these are forecast to improve gradually, with like-for-like sales dropping 9% to £241mln and EBITDA down 22% to £59mln in the year to December.
Shares dropped 4% to 2,271p on Thursday late morning.