Stitch Fix shares are trading lower after the company reported worse-than-expected Q2 financial results and issued Q3 and FY24 revenue guidance below estimates. Also, Bernstein and Wells Fargo lowered their respective price targets on the stock.
Portfolio Pulse from Benzinga Newsdesk
Stitch Fix shares dropped following disappointing Q2 financial results and lower-than-expected revenue guidance for Q3 and FY24. Additionally, Bernstein and Wells Fargo reduced their price targets on the stock.
March 05, 2024 | 12:40 pm
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NEGATIVE IMPACT
Stitch Fix's stock price declined due to disappointing Q2 financial outcomes and pessimistic revenue forecasts for Q3 and FY24. Price targets were also lowered by Bernstein and Wells Fargo.
The negative impact on Stitch Fix's stock price is due to the combination of worse-than-expected Q2 financial results and the downward revision of revenue guidance for Q3 and FY24. The reduction in price targets by Bernstein and Wells Fargo further exacerbates the negative sentiment, indicating a lack of confidence from analysts which can lead to a decrease in investor confidence and a potential sell-off in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100