DA Davidson lowered the firm’s price target on 1-800-Flowers.com to $7.50 from $11 and keeps a Neutral rating on the shares. The company’s Q4 sales missed estimates but EBITDA beat consensus due to a higher-than-expected gross margin, as lower ocean freight costs are becoming more reflected in the income statement, the analyst tells investors in a research note. Everyday gifting remains “weak” however, and 1-800-Flowers.com does not expect stronger sales performance until the second half of FY24, the firm added.
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Read More on FLWS:
- 1-800-Flowers (NASDAQ:FLWS) Surges despite Weak Earnings
- 1-800-Flowers.com sees FY24 revenue decline in the mid-single digit range
- 1-800-Flowers.com reports Q4 adjusted EPS (28c), consensus (32c)
- FLWS Earnings this Week: How Will it Perform?
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