Oppenheimer downgrades Figs to Perform on near-term challenges

Oppenheimer downgraded Figs to Perform from Outperform without a price target. The analyst remains constructive on the longer term prospects for Figs and the shares. However, nearer-term, the firm is increasingly concerned that internal and external challenges, which have impacted trends at the company lately, are likely to persist, longer than initially anticipated. The multiples for shares are not necessarily “washed out” and still somewhat susceptible to further unfavorable rerating amid prospects for ongoing, nearer-term “fundamental malaise,” the analyst tells investors in a research note.