Cricut initiated with a Neutral at Citi

Citi initiated coverage of Cricut with a Neutral rating and $10.50 price target, representing 13% upside from current levels. The analyst views Cricut as a leader in the marketplace for digital crafting machines, saying the company’s tools and accessories ecosystem is poised for longer-term growth on the personalization megatrend. However, the firm looks for a more supportive macro environment and sustainable revenue improvements from 2024 onwards to become more positive on the shares.