Solo Brands price target lowered to $3 from $5 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Solo Brands to $3 from $5 and keeps a Hold rating on the shares following the challenging quarter and weak 2024 profitability guidance. 2024 will be a transition year with the new leadership team identifying strategic areas of focus, namely re-acceleration of revenue growth at Solo Stove, renewed focus on innovation, and adding talent to build the team, the analyst tells investors in a research note.