a.k.a. Brands downgraded to Hold from Buy at Truist

Truist downgraded a.k.a. Brands to Hold from Buy with a price target of $10, down from $12. The company’s softer than expected Q4 results and fiscal 2024 guidance reflect a tough macro environment in Australia and operational challenges, the analyst tells investors in a research note. The firm says a.k.a.’s efforts to freshen up its offering and expand into wholesale and omnichannel should help re-accelerate growth, but that this is not likely until fiscal 2025.