Canaccord lowered the firm’s price target on Waldencast (WALD) to $4 from $5 and keeps a Buy rating on the shares. The firm noted they announced their previously delayed 2Q results and also provided 3Q sales performance. Sales in both quarters came in below our and management’s initial expectations, primarily due to weakness from the Milk Makeup brand. Looking ahead, management now expects sales for FY25 to be broadly in-line with FY24’s sales.
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