Allbirds downgraded to Market Perform from Outperform at William Blair

William Blair downgraded Allbirds to Market Perform from Outperform without a price target. The company is facing "numerous moving pieces," which combined point to a prolonged period of restructuring, revenue declines, and cash burn, the analyst tells investors in a research note. The sizable revenue shortfall in Q4 and "even worse" Q1 outlook suggests a business that has deteriorated quickly, says the firm. It sees "very limited visibility" as to Allbirds’ ultimate sales and earnings potential.