Lulu’s Fashion Lounge downgraded to Neutral from Outperform at Baird

Baird analyst Mark Altschwager downgraded Lulu’s Fashion Lounge to Neutral from Outperform with a price target of $3, down from $4. The analyst cites expectations for ongoing demand challenges following the company’s negative pre-announcement for the downgrade. The firm does not see a major catalyst for the stock until “macro clouds clear and management demonstrates a stable growth/earnings trajectory.”