Vacasa price target lowered to $1.50 from $5.00 at Needham

Needham analyst Bernie McTernan lowered the firm’s price target on Vacasa to $1.50 from $5.00 and keeps a Buy rating on the shares. The analyst cites the company’s lower than expected FY23 guidance and notes that Needham’s conviction in a Buy rating has been reduced amid "a greater degree of industry and idiosyncratic headwinds". Needham adds that it also has increasing business model concerns for turnkey services like Vacasa vs. DIY or low touch services like VRBO or Evolve.