William Blair analyst Ralph Schackart downgraded Vivid Seats (SEAT) to Market Perform from Outperform without a price target following the Q1 report. During the quarter, Vivid’s marketplace gross order value posted an accelerated decline near 20% year-over-year, due in large part to market share declines, the analyst tells investors in a research note. The firm says the “persistent competitive intensity” has not abated and appears to have become a stronger headwind. Vivid also noted an overall softening environment for the ticketing market along with consumer uncertainty, Blair points out. It cites the softer environment and increased competitive headwinds for the downgrade. Vivid Seats in midday trading is down 39%, or $1.08, to $1.71.
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