Canaccord lowered the firm’s price target on Lovesac (LOVE) to $24 from $30 and keeps a Buy rating on the shares. The firm noted they reported soft fiscal Q3 results, with total revenue roughly flat year-over-year and coming in slightly below the lower end of guidance, while adj. EBITDA was below consensus but within the guidance range. While estimates now appear de-risked, Canaccord expects ongoing product and platform innovation to support a gradual improvement in fundamentals as category spending stabilizes.
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