Torrid price target lowered to $2 from $6 at BofA

BofA lowered the firm’s price target on Torrid (CURV) to $2 from $6 and keeps a Buy rating on the shares after the company reported Q3 losses below the firm’s estimate and consensus from weaker sales due to an execution miss on tops and associated markdowns and management lowered FY25 guidance. Following the miss and guidedown, the firm is lowering its FY25 and FY26 EBITDA estimates to $62M and $66M, respectively, to reflect margin pressures and lowering its multiple to reflect a discount to the peer average given execution challenges.