Vacasa price target lowered to $15 from $30 at JMP Securities

JMP Securities analyst Nicholas Jones lowered the firm’s price target on Vacasa to $15 from $30 and keeps an Outperform rating on the shares. The company reported “solid” Q3 results but the industry’s outlook heading into 2024 remains uncertain, with management citing normalization of traveler demand and elevated supplier churn as ongoing headwinds, the analyst tells investors in a research note. However, amid macro and industry challenges, the firm remains encouraged by Vacasa’s progress, particularly on the profitability front. It does not view the Q3 results as “thesis-changing.”