The A2 Milk Company Ltd (ASX: A2M) share price was on form in 2022.
Thanks to a rally late in the year, as shown below, the infant formula company's shares rose 20% over the period.
As a comparison, the S&P/ASX 200 Index (ASX: XJO) index was down 5.5% in 2022.
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Why did the A2 Milk share price smash the market?
As mentioned above, the A2 Milk share price took off late in the year.
This was driven by news that the US Food & Drug Administration had granted A2 Milk approval to import, sell, and distribute infant formula products in the US market.
And while management doesn't expect any impact in the first half of FY 2023 due to the timing of the approval, it estimates that it will ship 1 million cans of infant formula to the United States during the second half.
But it won't stop there if demand is stronger. The company has capacity to supply upwards of 9 million cans in the future.
In addition, the commencement of the company's NZ$150 million on-market share buyback in November was supporting the A2 Milk share price late in the year.
Is it too late to buy shares?
Unfortunately, with the A2 Milk share price currently fetching $6.89, the broker community appears to believe its shares have peaked for the time being.
The most bullish broker that I'm aware of is Bell Potter. However, although it has a buy rating on its shares, the broker's price target of $6.80 has now been surpassed.
Elsewhere, Morgans has a hold rating and $6.35 price target, Citi has a sell rating and $4.51 price target, and Goldman Sachs has a sell rating and $5.60 price target.
They appear to believe investors would be best waiting for some weakness before picking up shares.
