GrowGeneration shares are trading lower after the company reported worse-than-expected Q2 financial results and issued FY23 revenue guidance below estimates. Additionally, Lake Street lowered its price target from $6 to $5 on the stock.
Portfolio Pulse from Benzinga Newsdesk
GrowGeneration shares fell after the company reported disappointing Q2 financial results and issued FY23 revenue guidance below estimates. Lake Street also reduced its price target from $6 to $5 on the stock.
August 09, 2023 | 6:11 pm
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NEGATIVE IMPACT
GrowGeneration's stock price is likely to be negatively impacted in the short term due to worse-than-expected Q2 results and lower FY23 revenue guidance. The price target cut by Lake Street could further pressure the stock.
GrowGeneration's worse-than-expected Q2 results and lower FY23 revenue guidance are negative indicators for the company's financial health, which could lead to a decrease in investor confidence and a drop in the stock price. Additionally, Lake Street's price target cut from $6 to $5 signals a bearish outlook for the stock, which could further drive down the price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100