Baird downgraded Allbirds to Neutral from Outperform with a price target of $2, down from $7. The company missed Q4 sales and adjusted-EBITDA estimates, reflecting weaker demand and heightened promotional headwinds, the analyst tells investors in a research note. The firm says management’s strategy to improve growth and profitability "marks a material shift away from the prior playbook," which is compounded by an unexpected CFO departure. It is stepping to the sidelines "until there are clearer signs of stabilization."
Published first on TheFly
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