Tattooed Chef drops as Cowen downgrades, cuts PT on sales slowdown

Tattooed Chef

24/10/2022 18:44

(Updates)
    ** Plant-based food company Tattooed Chef Inc's  TTCF.O 
shares plunge 7.3% to a record low of $3.99 in afternoon trade
as Cowen and Company downgrades stock to "market perform" from
"outperform"
    ** Stock set for its biggest one-day pct drop in over a
month
    ** Brokerage downgrades stock on slowing sequential sales
despite increased promotion and distribution gains; cuts PT to
$4.5 from $10
    ** Cowen says co's top four customers in aggregate, who
account for two-thirds of its revenue have not grown in the last
12 months
    ** Brokerage lowers FY23 revenue estimates to $323.9 mln
from $354.1 mln to account for co's slowing momentum 
    ** All four brokerages covering TTCF rate the stock "hold";
their median PT is $7 - Refinitiv data
    ** Up to Friday's close, stock had fallen 72.3% YTD
 (Reporting by Shristi  Achar A)
 ((Shristi.AcharA@thomsonreuters.com;))