Franklin Covey price target lowered to $45 from $55 at Barrington

Barrington lowered the firm’s price target on Franklin Covey to $45 from $55 and keeps an Outperform rating on the shares following quarterly results. While revenue was roughly in line and adjusted EBITDA was above the high end of guidance, full-year revenue guidance was reduced and adjusted EBITDA is now expected at the low end of the previous guidance range, the firm notes. Barrington acknowledges that the stock will likely underperform, but says it would be a buyer into weakness for long-term capital appreciation.