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On Wednesday, Beyond Inc. (NYSE: BYON) saw its price target adjusted by Maxim Group, following the release of its second quarter financial results. The firm has reduced the target to $33.00 from the previous $36.00, while still holding a Buy rating on the company's stock.
Beyond Inc. disclosed its Q2 2024 performance on July 29, which revealed net revenue surpassing the guidance, consensus, and Maxim Group's own estimates. The company also reported adjusted EBITDA losses that were smaller than both the consensus and the firm's forecasts.
Despite these positive outcomes, the company's outlook for the third quarter of 2024 showed weaker expectations in terms of sales, gross margin, and adjusted EBITDA, particularly within the home category.
In response to the mixed results and outlook, Maxim Group has revised its projections for Beyond Inc. downward for the third quarter of 2024, as well as for the full years of 2024 and 2025.
The firm expressed a cautious optimism regarding Beyond Inc.'s initiatives to boost sales, which include the relaunch of Overstock.com (NYSE:BYON) and the anticipated September restart of Zulily. Additionally, there is a focus on improving margins at Bed, Bath and Beyond.
The analyst from Maxim Group highlighted the company's efforts and potential market catalysts, stating, "We are cautiously optimistic on efforts to reinvigorate sales including the relaunch of Overstock.com and upcoming September restart of Zulily as well as margin focus at Bed, Bath and Beyond. We remain a believer in 'The Profit' and maintain our Buy rating, but lower our price target to $33, from $36."
Furthermore, the analyst suggested that macroeconomic factors, such as a potential rate cut, could serve as a near-term catalyst for the stock. This perspective maintains a positive outlook on the company's future performance despite the immediate adjustments.
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