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On Wednesday, Piper Sandler adjusted its outlook on shares of Beyond Inc. (NYSE: BYON), reducing the price target to $14 from $17, while keeping a Neutral rating on the stock. This revision follows Beyond Inc.'s recent Q2 earnings call, where the company surpassed expectations but set Q3 targets that fell short of consensus estimates.
The company, originally known as a home-centric e-commerce retailer, has shifted its business model towards becoming a closeout and liquidation specialist within the e-commerce sector. Management at Beyond Inc. is reportedly adopting a more pragmatic approach to revenue generation, aiming to steer the company back to EBITDA profitability, which is anticipated to be achieved in 2025.
The transition involves the revitalization of three underperforming brands, a process that is expected to take time as the company works to regain former customers and foster new customer engagement. Despite the current challenges, the ongoing transformation of Beyond Inc. is a story that continues to unfold.
Piper Sandler has expressed interest in gaining further insights into Beyond Inc.'s progress at the upcoming Growth Frontiers Conference, scheduled to take place in Nashville on September 10-11. Reflecting a cautious outlook on the company's growth and strategy, Piper Sandler has adjusted the price target multiple to 0.4 times from the previous 0.5 times 2024 estimated sales.
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