1-800-Flowers.com hits 6-year low as brokerages cut PTs

1-800-FLOWERS.COM

02/09/2022 15:33

** Shares of online flowers and gifts retailer
1-800-Flowers.com Inc  FLWS.N  fall as much as ~6% to a six-year
low of $7.32
    ** Stock last down 4%, on course for third straight session
of losses
    ** At least four brokerages cut their PTs on FLWS, warning
of holiday season uncertainty and rising inflationary pressure 
    ** Craig-Hallum believes that "uncertainty of knowing how
consumers will behave this holiday season with inflation
continuing to run high and the economy potentially on the brink
of a recession" will likely impact the company 
    ** "The Fed seems likely to continue to raise interest
rates, which could put a damper on the discretionary spend for
the consumer" - Noble Capital
    ** FLWS on Thurs forecast a 3% to 6% drop in Q1 fiscal 2023
revenue, citing cautious consumer spending amid inflation in
food and gas  urn:newsml:reuters.com:*:nL4N308369 urn:newsml:reuters.com:*:nBwb0mSmla 
    ** Five analysts' covering stock on Refinitiv rate it on
average "buy", with a median PT of $13
    ** YTD, stock has fallen ~68%

 (Reporting by Granth Vanaik)
 ((Granth.Vanaik@thomsonreuters.com;))