Honest Company price target raised to $7 from $6 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Honest Company (HNST) to $7 from $6 and keeps a Market Perform rating on the shares. The company demonstrated improvement through FY23 and carried momentum through FY24 under new management despite a challenging macro backdrop, the analyst tells investors. The firm views Honest Company as well-positioned in an attractive category with a strong digital presence. However, the business is in the early days of its transformation efforts and the profitability potential of the model remains uncertain, the firm adds.