Alliance Global Partners lowered the firm’s price target on Honest Company (HNST) to $4 from $8 and keeps a Buy rating on the shares after the company reported sales well below estimates and announced a new restructuring of the business that will see it remove certain sales channels and products. This will total $20M in revenue in Q3, while also expecting operation restructuring to result in $8-15M of annual savings, the analyst noted.
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