Stitch Fix price target raised to $4 from $3.50 at Truist

Truist raised the firm’s price target on Stitch Fix to $4 from $3.50 and keeps a Hold rating on the shares. The company’s better than expected Q3 results and Q4 guide reflected gradual improvements in the business as green shoots emerged from its management’s ongoing turnaround strategy of strengthening its operational foundation while improving the client experience, the analyst tells investors in a research note. Truist adds however that much work remains as Stitch Fix management expects active clients to decline further in Q4 and into FY25.