Purple Innovation Analysts Boost Their Forecasts After Upbeat Q4 Results
Portfolio Pulse from Avi Kapoor
Purple Innovation, Inc. (NASDAQ:PRPL) reported better than expected Q4 results, with a smaller loss and higher sales than anticipated. The company's CEO highlighted year-over-year sales growth for the first time in eight quarters and a positive outlook for FY24. Despite this, shares fell 13% following the announcement. Analysts from Wedbush, Craig-Hallum, and Roth MKM subsequently raised their price targets on PRPL, with varying ratings.
March 13, 2024 | 5:35 pm
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Purple Innovation reported better than expected Q4 results and optimistic FY24 revenue projections, but shares fell 13%. Analysts raised price targets.
The negative short-term impact on PRPL's stock price, despite better than expected earnings and positive future revenue projections, could be due to market reactions to broader conditions or profit-taking. The subsequent analyst upgrades and raised price targets indicate a belief in the company's long-term value, but the immediate stock price reaction was negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100