As previously reported, Craig-Hallum downgraded Destination XL to Hold from Buy with a price target of $4.50, down from $7.50. The firm notes the company delivered a disappointing Q3 update with slight misses on sales and adjusted EBITDA coupled with a deeper cut to FY23 guidance than Craig-Hallum expected. The firm continues to have a favorable long-term view of the Destination XL’s story and its market leading position within the Big & Tall sector, but FY24 estimates appear too high both on sales and profitability and it believes the stock will likely be stuck in a trading range until expectations are reset.
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