Parts iD downgraded to Hold after ‘soft’ Q3 at Canaccord

Canaccord analyst Maria Ripps downgraded Parts iD to Hold from Buy with a price target of $3, down from $4. The company repotted "soft" Q3 results, with the deteriorating macro environment and ongoing supply chain disruptions contributing to a 22% year-over-year decrease in revenue, Ripps tells investors in a research note. The analyst says inflation is impacting consumer spending on auto parts. She sees continued challenges related to the macro environment in the short term, and believes a Hold rating is most appropriate for now pending a more constructive demand backdrop and progress improving Parts iD’s liquidity profile.