Waldencast price target lowered to $4.50 from $5 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Waldencast (WALD) to $4.50 from $5 and keeps a Buy rating on the shares following the Q1 report. The firm is encouraged to see lower legal fees, but views that as partially negated given the lower profits. It acknowledges evidence of accelerated growth will need be seen in Q2 for investors to gain greater confidence in Waldencast’s outlook and growth initiatives that include innovation in the pipeline, new digital channels, continued expansion of its retail footprint and improved product availability.