As previously reported, DA Davidson downgraded Lakeland Industries (LAKE) to Neutral from Buy with a price target of $14, down from $20. The company missed Q3 expectations substantially, withdrew guidance, suspended the dividend, terminated its CFO, and noted significant end-market uncertainties ahead, the analyst tells investors in a research note. There were some silver linings, such as expectations for high-single-digit revenue growth going forward as well as the effect of cost reductions, but the firm believes that Lakeland has a lot of credibility to earn back before the stock can work again, DA Davidson added.
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