Purple Innovation price target lowered to $6 from $8 at KeyBanc

KeyBanc lowered the firm’s price target on Purple Innovation to $6 from $8 and keeps an Overweight rating on the shares. Purple’s Q3 results were below expectations due to industry softness, but encouragingly, new product is performing well and helping drive market share gains, the analyst tells investors in a research note. The firm believes Purple has significant growth and profitability potential over a longer-term horizon, but feels industry trends will remain challenged in the near-term, with the risk that Purple may need additional funding in 2024 or 2025, if it cannot improve cash flow.