CarParts.com price target lowered to $5 from $7 at Lake Street

Lake Street analyst Ryan Meyers lowered the firm’s price target on CarParts.com to $5 from $7 and keeps a Buy rating on the shares after the company reported Q4 results that were slightly ahead of expectations but announced a headcount reduction of 150 employees given the softness across the business. The 2024 guidance reflects the continued softness across the business as the weak consumer environment is resulting in lower prices as demand has softened, notes the firm, which believes shares will potentially be range-bound in the near term, but thinks the long-term thesis remains intact.