Olaplex Holdings downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Olaplex Holdings to Neutral from Buy with a $6.00 price target. The company’s results have deteriorated more rapidly than expected for OLPX, the analyst tells investors in a research note, noting that after a slowdown in demand seen in Q4 has now gone to "outright declines". The firm adds that the rapid erosion is surprising and follows escalating social and traditional media reports of negative side effects of Olaplex product. Goldman Sachs further notes that the company will look to "resuscitate growth", but the uncertainty of whether this will happen and how much it will ultimately cost is "unusually high".