Craig-Hallum downgraded Purple Innovation to Hold from Buy with a price target of $1, down from $4. Purple provided another disappointing quarterly report and cut its guidance, the analyst tells investors in a research note. Craig-Hallum has lost confidence in management and the turnaround strategy and believes the timeline for the turnaround to emerge has compressed before liquidity concerns arise.
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Read More on PRPL:
- Purple Innovation price target lowered to $1 from $3 at Wedbush
- Purple Innovation downgraded to Hold from Buy at Craig-Hallum
- Purple Innovation price target lowered to $6 from $8 at KeyBanc
- Purple Innovation now sees FY23 revenue $510M-$520M, consensus $562.58M
- Purple Innovation reports Q3 adjusted EPS (18c), consensus (2c)