Zevia price target lowered to $2 from $3 at Telsey Advisory

Telsey Advisory analyst Dana Telsey lowered the firm’s price target on Zevia to $2 from $3 and keeps a Market Perform rating on the shares. The company’s Q1 results were “mixed,” with an inline sales decline of (10%) but a worse adjusted EBITDA, the analyst tells investors. Further, the company guided its Q2 and FY24 sales lower than anticipated, the firm adds. Altogether, the firm believes Zevia needs to improve its go-to-market strategy and execution in the near term.