RealReal price target lowered to $11 from $12.50 at Northland

Northland analyst Bobby Brooks lowered the firm’s price target on RealReal (REAL) to $11 from $12.50 and keeps an Outperform rating on the shares. Q1 results were “solid and came in line to consensus,” but the firm’s sense is that there was elevated buy-side expectations coming into the print, which were not met. While shares likely trade lower on this update, the firm’s belief in its thesis remains firmly intact, though the firm is trimming its price target due to a lower applied multiple, the analyst tells investors.