Purple Innovation price target lowered to $2.75 from $6.00 at UBS

UBS analyst Atul Maheswari lowered the firm’s price target on Purple Innovation to $2.75 from $6.00 and keeps a Neutral rating on the shares. Purple’s Q4 results were in line with its pre-release, but near-term trends coupled with a 2H-weighted guidance is likely to act as a severe overhang on the stock, the analyst tells investors in a research note.