BofA downgrades Beyond to 'underperform' rating; shares fall

Neighborhood Intelligence

25/10/2024 17:25

** Shares of e-commerce company Beyond  BYON.N  fall ~2.1%
to $6.55
    ** BofA Global Research downgrades rating on BYON to
"underperform" from "neutral", citing disappointing quarterly
results 
    ** Brokerage says Beyond has so far been unsuccessful in
reversing revenue declines
    ** "Pullback in marketing in the interim could adversely
impact sales growth at a greater than expected rate" - BofA
    ** Brokerage cuts price objective to $6 from $12.50
    ** 4 of 12 brokerages rate the stock "buy" or higher, 8
"hold"; their median PT is $13.25 - LSEG data
    ** Including session's moves, stock down ~77% YTD

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.srivastava2@thomsonreuters.com))