Joann price target lowered to $1.00 from $1.50 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Joann to $1.00 from $1.50 and keeps a Market Perform rating on the shares ahead of the December 4 earnings report. Telsey is modeling a tenth consecutive quarter of negative comps for Joann in Q3 at (3%), with traffic data from Placer.ai showing traffic worsened in Q3 at (1.7%) y/y vs. 2Q23 up 2.6% y/y, the analyst tells investors in a research note. Traffic through mid-November was also down (1.7%), the firm says, adding that it appears trends worsened in October.