Stifel analyst Chris O’Cull downgraded Xponential Fitness (XPOF) to Hold from Buy with a price target of $12, down from $20. The firm says it did not fully grasp the extent of the challenges left by the previous management team. Poor processes and insufficient resources have now resulted in a financial restatement, the analyst tells investors in a research note. Further, Xponential has struggled to project nearly every aspect of the business, “leaving us unable to underwrite the 2025 financial outlook,” contends Stifel. It cites uncertainty for the downgrade.
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