Benzinga | Dec 22, 2021 06:29AM EST

Analysts See Sharp Upside In This Agriculture Company

* Oppenheimer analyst Colin Rusch initiated coverage of Local Bounti Corp (NYSE:LOCL) with an Outperform rating and $11 price target, implying an 84.6% upside.

* The analyst viewed Local Bounti's unique hybrid configuration as a critical success factor in enabling best-in-class unit economics.

* Rusch added that he believes Local's seasoned leadership team and design for unit economics position it well to success in this capital-intensive industry.

* Roth Capital analyst Brian Wright initiated coverage of Local Bounti with a Buy rating and $8 price target, suggesting a 34.2% upside.

* Wright notes controlled environmental agriculture will "revolutionize the consumer's experience" with leafy greens.

* Local Bounti is a premier controlled environment agriculture company. Its business model is based on building local facilities, operated by local teams, to deliver fresh and quality produce to local communities while maintaining a limited carbon footprint.

* Price Action: LOCL shares closed lower by 6.37% at $6.03 on Tuesday.