iMedia Brands price target lowered to $1 from $2 at Lake Street

Lake Street analyst Mark Argento lowered the firm’s price target on iMedia Brands to $1 from $2 and keeps a Buy rating on the shares after the company reported Q4 results below consensus and reported it had triggered a covenant with its ABL lender that required partial principal repayment of $19M and led it "to go into a cash conservation/harvest mode." The company "has a legitimate opportunity to right the ship, albeit at a high-risk, binary situation for equity holders," the firm contends.