Lulu’s Fashion Lounge downgraded to Hold from Buy at Jefferies

Jefferies analyst Randal Konik downgraded Lulu’s Fashion Lounge to Hold from Buy with a price target of $3, down from $15. The analyst’s macro framework and category analysis of the prior eight recessions point to a slowdown in consumer spending "with apparel likely one of the weakest categories ahead." Given this updated outlook, the firm is more cautious on apparel companies. It downgraded a handful of lifestyle and growth platform names following the year-to-date rallies, seeing potential challenges ahead.