Jefferies downgraded PLBY Group to Hold from Buy with a price target of 70c, down from $1.50, after assuming coverage of the name. The company continues to re-build its licensing and direct-to-consumer businesses, the analyst tells investors in a research note. The firm is cautious on PLBY’s debt load and potential dilution, but recognizes the value “of its iconic brand, if the re-build is successful.”
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