Alliance Global Partners initiated coverage of Honest Company with a Buy rating and $5.75 price target. The company entered 2023 with a low cash position as an unprofitable company and exited 2023 with an improved balance sheet and approaching break-even EBITDA, says the analyst, who looks for the company to prove its ability to achieve profitability and “demonstrate itself as a self-sustaining company” in 2024.
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