CarParts.com price target lowered to $10 from $15 at RBC Capital

RBC Capital analyst Steven Shemesh lowered the firm’s price target on CarParts.com to $10 from $15 and keeps an Outperform rating on the shares. The company’s Q3 topline miss confirms a challenging consumer backdrop, but its management also deserves credit for being nimble and adapting to the current environment, the analyst tells investors in a research note. Shemesh also cuts his FY24 revenue multiple target to 0.7-times from 1x prior and believes that the multiple contraction is in-line with the company’s e-commerce peers.