Chicken Soup for the Soul price target lowered to $11 from $24 at B. Riley

B. Riley analyst Eric Wold lowered the firm’s price target on Chicken Soup for the Soul to $11 from $24 and keeps a Buy rating on the shares. Following media reports that Chicken Soup for the Soul Entertainment may be taking short-term steps to preserve cash as opposed to any major structural or operational changes, the analyst remains confident in the company’s opportunity to benefit from both the continued migration of consumers and advertisers over to on demand platforms and the recovery in the Redbox DVD rental segment as the number of film releases increases throughout 2023. Nevertheless, the firm acknowledges that the uncertain economic environment may weigh on both management’s outlook for 2023 and Chicken Soup’s valuation multiple that investors are willing to assign to shares.