Lovesac price target lowered to $54 from $64 at DA Davidson

DA Davidson analyst Tom Forte lowered the firm’s price target on Lovesac to $54 from $64 but keeps a Buy rating on the shares. The company pre-announced a better than expected Q3 and the news was “encouraging” as it addressed the recent accounting issues, though the firm’s price target cut is a reflection of reducing its out-year sales forecast and raising its discount rate assumption, the analyst tells investors in a research note.