Shares of Olaplex (NASDAQ:OLPX) are down today, which can be attributed to an analyst downgrade. Jonna Kim of Cowen & Co changed the rating from Buy to Hold while assigning a price target of $4.50 per share. For reference, the previous price target was $10.
The analyst note pointed out that they had expected a trough in Q3 as they looked for signs that the business was rebounding. However, business trends got worse, and guidance was underwhelming. As a result, Kim wants to see clear evidence of a successful turnaround before recommending the stock as a Buy again.
Overall, Wall Street analysts have a consensus price target of $5.36 on OLPX stock, implying almost 38% upside potential, as indicated by the graphic above.
