Brilliant Earth price target lowered to $3 from $4 at Telsey Advisory

Telsey Advisory analyst Dana Telsey lowered the firm’s price target on Brilliant Earth to $3 from $4 and keeps an Outperform rating on the shares. The company reported “better-than-expected” Q2 adjusted EBITDA and executed “soundly” in a challenging environment for bridal and commerce, the analyst tells investors. The broader jewelry market, however, is becoming increasingly promotional and the macro environment is impacting consumers’ large ticket item purchases, causing the bridal rebound to not yet take hold, the firm adds. Despite the near-term pressure, the firm continues to see opportunities for the stock to gain share in the fragmented jewelry industry.