Solo Brands downgraded to Neutral from Buy at Citi

Citi downgraded Solo Brands to Neutral from Buy with a price target of $4, down from $10. The company’s 2024 outlook looks “more challenging” following its softer than anticipated holiday season, the analyst tells investors in a research note. Solo’s omnichannel expansion in 2023 has pressured direct-to-consumer sales, says Citi, which expects “greater-for-longer cannibalization with limited visibility into when trends should improve.”