Stitch Fix price target lowered to $3 from $3.50 at Wells Fargo

Wells Fargo analyst Ike Boruchow lowered the firm’s price target on Stitch Fix to $3 from $3.50 and keeps an Equal Weight rating on the shares. The firm notes Stitch Fix’s top line continued to deteriorate in Q2. While revenues/EBITDA were just under the Street’s estimates, worsening active customer declines continue to weigh on performance, with full year guidance falling below expectations, Wells adds.