Allbirds price target lowered to $7 from $8 at Baird

Baird analyst Mark Altschwager lowered the firm’s price target on Allbirds to $7 from $8 and keeps an Outperform rating on the shares. The analyst said he continues to like the brand’s long-term potential and is encouraged to see management make progress on growth initiatives with product innovation, store build, and third party distribution, but expects further progress will be needed to rebuild investor interest.