Brilliant Earth price target lowered to $4 from $7 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Brilliant Earth to $4 from $7 and keeps an Outperform rating on the shares. The company’s weaker-than-expected sales was offset with a stronger gross margin, which resulted in better-than-expected adjusted EBITDA, the analyst tells investors. Encouragingly, the company is gaining market share and outpacing the industry, but growth will remain fairly muted until engagements begin to pick up in a meaningful way, the firm says. Telsey sees significant opportunities for the company to build market share in the jewelry industry in the long-term.