Joann price target lowered to $1 from $2 at Loop Capital

Loop Capital analyst Laura Champine lowered the firm’s price target on Joann to $1 from $2 and keeps a Hold rating on the shares. Joann beat the firm’s sales estimate and provided an adjusted EBITDA guidance range that is in line with the firm’s estimate for the full year, the analyst tells investors. However, Loop thinks this range “becomes tougher to achieve” following the $18M adjusted EBITDA miss in Q2 and thinks investors are concerned about the company’s balance sheet and will “take a wait and see approach to the shares.”