UBS downgraded HelloFresh (HLFFF) to Neutral from Buy with a price target of EUR 4.70, down from EUR 6.10. While HelloFresh posted a solid Q1 print with revenue and aEBITDA ahead of estimates, the conference call was overshadowed by Q2 guidance, with the company providing limited explanations as to why they expect no sequential improvement year over year in meal kits, the analyst tells investors in a research note.
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