Truist Securities analyst Bill Chappell reiterated a Buy rating on MGP Ingredients, Inc. (MGPI) with a price target of $125. The analyst believes the company's recent acquisitions, including high-end whiskey brand Penelope, and the exit from third party manufacturing of vodka, gin and industrial alcohol will boost the company's valuation. The analyst expects MGPI's valuation to move closer to the 20-25X forward EBITDA valuation of its large cap spirits peers versus the current 14.2x EV/EBITDA valuation.