Joann price target lowered to $1 from $3.50 at BofA

BofA analyst Elizabeth Suzuki lowered the firm’s price target on Joann to $1 from $3.50 and keeps an Underperform rating on the shares after the company reported Q4 results. The firm expects GAAP operating margin to improve in FY24 as ocean freight goes from a headwind to a tailwind, although "excess freight" costs have been removed from Joann’s reported adjusted COGS, thus limiting the benefit to adjusted gross margin as these costs ease. The firm added that the lower price target reflects lower equity value as debit rises.