KeyBanc analyst Bradley Thomas lowered the firm’s price target on Purple Innovation to $5 from $6 and keeps an Overweight rating on the shares after the company announced a refinancing transaction that will provide incremental flexibility to continue its new product rollout through 2024. Management reiterated Q4 guidance, which called for an acceleration in sales and a stabilization in adjusted EBITDA losses, the firm notes. Piper still sees Purple’s refreshed product lineup continuing to drive sales growth and share gains through 2024.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on PRPL: