Craig-Hallum upgrades 1-800-Flowers.com to Buy, raises price target to $15

As previously reported, Craig-Hallum upgraded 1-800-Flowers.com to Buy from Hold with a price target of $15, up from $13, as it appears that trends are starting to improve. The firm notes 1-800 Flowers reported better-than-expected Q2 results on February 2, which was driven by a strong Thanksgiving and Christmas holiday season. While the Q2 results were strong, management indicated at the time that demand outside of key holidays was sluggish, suggesting that results could deteriorate in future quarters when key holidays make up a smaller share of revenue. Since that last earnings report, the firm’s checks have been positive, suggesting that the December quarter momentum is likely continuing into 2023.