Nogin initiated with a Hold at Jefferies

Jefferies analyst Samad Samana initiated coverage of Nogin with a Hold rating and 50c price target. The company’s commerce-as-a-service platform offers merchants an alternative strategy for direct-to-consumer e-commerce, the analyst tells investors in a research note. The firm believes macro headwinds facing e-commerce as well as concerns over Nogin’s management turnover, liquidity and terminal margins will likely be an overhang on the shares.