10 Best Beverage Stocks to Buy According to Analysts

5. SunOpta Inc. (NASDAQ:STKL)

Average Share Price Upside Potential as of February 20: 34.75%

SunOpta Inc. (NASDAQ:STKL) manufactures plant-based food and beverage products in the United States and internationally, which are sold through retail and food service channels. The company utilizes almonds, oats, soy, rice, coconut, and other bases to produce its beverages.

In October last year, the company announced plans to expand Dream Oatmilk Barista to another 6,700 stores across North America in collaboration with a major coffee chain. The move will help in further increasing the distribution of the product in the region. It will also significantly increase the utilization of its oat extraction and manufacturing facilities.

In June 2024, SunOpta Inc. (NASDAQ:STKL) invested $26 million in the expansion of its plant-based beverage processing facility in Modesto, California. This was the second-largest project in the history of the company. It will allow SunOpta to increase its annual oat milk output by 60% and meet ongoing strong customer demand. With the plant-based milk market projected to grow in size from $20 billion in 2024 to over $45 billion by 2034, SunOpta Inc. (NASDAQ:STKL) is well-positioned to capitalize on rising demand for plant-based milk and oat-based products.

During its Q3 2024 earnings call, the company reported a 15.5% increase in revenue from operations, driven by a 20.6% volume growth. Wall Street analysts are bullish on the stock, with a consensus Strong Buy rating and an average share price upside potential of nearly 35%.

According to Insider Monkey’s database for Q4 2024, 27 hedge funds held a stake in SunOpta Inc. (NASDAQ:STKL), an improvement from 18 at the end of the third quarter. Oaktree Capital Management is the largest investor in the company, with a stake value of over $159 million, as of December 31, 2024.