Aritzia downgraded to Hold from Buy at TD Securities

TD Securities analyst Brian Morrison downgraded Aritzia to Hold from Buy with a price target of C$32, down from C$50, after after the company reported Q1 results that were in line with consensus, but lowered its guidance for FY24 and FY25. The guidance is “disappointing” not only because key metrics were lowered, but also because it will raise a question by some whether Aritzia’s brand affinity is on the decline, the analyst tells investors.