The A2 Milk Company Ltd (ASX: A2M) share price was a positive performer on Tuesday, rising almost 3% to $13.82.
This latest gain brought the fresh milk and infant formula company's year to date gain to just under 33%.
Can a2 Milk Company's shares go higher from here?
One broker that believes it isn't too late to buy the fast-growing company's shares is Goldman Sachs.
According to a note out of the investment bank on Tuesday, its analysts have retained their buy rating on a2 Milk Company's shares following the release of infant formula export data.
Goldman has also retained its $15.70 price target on its shares, which implies potential upside of almost 14% over the next 12 months.
What export data was released?
The note reveals that total infant formula exports (by net weight) from Lyttelton, New Zealand to Australia, Hong Kong, and China increased to 4.24k MT during May.
This was a 1% increase on the prior corresponding period and a 23% month on month increase.
Goldman was quick to point out that these exports were cycling a particular high comparable period, hence the lower year on year growth figures.
On a rolling 3-month and 6-month basis, total volume growth is an impressive 42% and 47%, respectively, over the prior corresponding periods.
This was in-line with Goldman's expectations and the broker sees it as supportive of overall trends and its forecasts for both a2 Milk Company and Synlait Milk Ltd (ASX: SM1).
Incidentally, Goldman Sachs is also bullish on dairy processor Synlait. It has a buy rating and lofty $11.00 price target on the company's shares, implying potential upside of almost 25% for its shares over the next 12 months.
Goldman isn't quite as positive on Bellamy's Australia Ltd (ASX: BAL). Although it was not mentioned in this latest note, its most recent coverage of the infant formula company labelled its shares as neutral with a $9.00 price target.
