JOANN shares are trading lower after the company reported worse-than-expected Q3 revenue results and issued weak FY24 net sales guidance. Also, Wells Fargo lowered its price target from $1.5 to $0.75 on the stock.
Portfolio Pulse from Benzinga Newsdesk
JOANN Inc. reported disappointing Q3 revenue results and provided weak net sales guidance for FY24, leading to a decline in its stock price. Additionally, Wells Fargo cut its price target for JOANN from $1.5 to $0.75.
December 05, 2023 | 4:41 pm
News sentiment analysis
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NEGATIVE IMPACT
JOANN Inc. experienced a stock price drop after reporting lower-than-expected Q3 revenue and weak FY24 sales guidance. Wells Fargo also reduced its price target for JOANN, adding to the negative sentiment.
The negative earnings report and reduced sales guidance directly impact investor sentiment and the company's valuation. The additional price target cut by Wells Fargo likely exacerbates the negative impact on JOANN's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100