KeyBanc analyst Bradley Thomas lowered the firm’s price target on Purple Innovation to $5 from $6 and keeps an Overweight rating on the shares after the company announced a refinancing transaction that will provide incremental flexibility to continue its new product rollout through 2024. Management reiterated Q4 guidance, which called for an acceleration in sales and a stabilization in adjusted EBITDA losses, the firm notes. Piper still sees Purple’s refreshed product lineup continuing to drive sales growth and share gains through 2024.
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