Wealthfront downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded Wealthfront (WLTH) to Market Perform from Outperform with a price target of $9.50, down from $13.50. The firm says that while Wealthfront’s cash deposits turned positive mid-February, management expects tax season to drive withdrawal headwinds through April. This pushes out the potential for a more sustainable inflection closer to mid-year at a time when the prospect of additional Federal Reserve rate cuts will renew concerns over additional cash outflows, the analyst tells investors in a research note. As such, Keefe sees a lack of catalysts for the shares.