As previously reported, Telsey Advisory downgraded Waldencast (WALD) to Market Perform from Outperform with an unchanged price target of $3 following “disappointing” Q2 results that fell short of expectations on both the top and bottom line and the company reduced its FY25 outlook “again.” Milk, which had been Waldencast’s faster growing brand, has been impacted by out-of-stocks and lapping significant product launches last year, which weighed on sales despite distribution gains this year from Ulta Beauty (ULTA) and Amazon Premium Beauty (AMZN), the analyst tells investors.
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