Tuesday, August 23, 2022

Lifeway Foods (LWAY)
A Healthy Food Alternative

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiating Coverage. We are initiating research coverage on Lifeway Foods, Inc. with a Market Perform rating. Lifeway is the largest producer and marketer of kefir in the U.S. and an important player in the broader probiotic-based products and natural “better for you” foods. We believe Lifeway is well positioned to leverage its dominant kefir position into ancillary products and distribution channels. We should note, given an accounting error from 2009, Lifeway has yet to release operating results for the first and second quarters of 2022. We believe the issue to be satisfactorily resolved and expect the quarterly results to be released shortly. 

What Is Kefir? Originating in the North Caucasus 
region, 
kefir is a fermented milk drink similar to a thin yogurt or ayran that is made from kefir grains, a specific type of mesophilic symbiotic culture. Lifeway Kefir is tart and tangy as well as high in protein, calcium and vitamin D. As a result of the Company’s exclusive blend of kefir cultures, each cup of Lifeway kefir contains 12 live and active cultures and 25 to 30 billion beneficial CFU (Colony Forming Units) at the time of manufacture.…

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.