ThredUP price target lowered to $2 from $3 at Wedbush

Wedbush lowered the firm’s price target on ThredUP to $2 from $3 and keeps an Outperform rating on the shares. In what was supposed to be the company’s first-ever quarter of adjusted EBITDA profitability, ThredUP posted a disappointing Q2, with revenue and adjusted EBITDA coming in well below prior guidance, the firm notes. Moreover, the company has decided to exit its struggling European business, and a combination of strategic missteps and a worsening macro resulted in a significant cut to full year guidance, Wedbush adds.