Allbirds price target lowered to $5 from $6 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Allbirds (BIRD) to $5 from $6 and keeps an Equal Weight rating on the shares. While management “has clearly made impressive progress on its strategic transformation plan,” fundamentals remain highly challenged, the analyst tells investors following a “beat across-the-board” in Q1. Reiterated fiscal year guidance still assumes substantial second half improvement, which the firm call “potentially optimistic” given macro and tariff uncertainty as well as unproven new product success.