Citi analyst Ronald Josey lowered the firm’s price target on Sonder Holdings to $1.50 from $2 and keeps a Buy rating on the shares. The analyst updated the company’s model to better reflect continued positive lodging demand trends, but reduced dree cash flow projections for 2023 given that management’s goal of achieving positive quarterly cash flow has been pushed out into 2024. Citi cites continued strong lodging demand trends as Sonder builds its brand for its Buy rating.
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