European Wax Center Analysts Cut Their Forecasts After Q2 Results
Portfolio Pulse from Avi Kapoor
European Wax Center, Inc. (NASDAQ:EWCZ) reported disappointing Q2 sales and lowered its FY24 revenue guidance. The company named David Berg as CEO and announced a reevaluation of near-term development plans. Shares fell 27% following the news, and several analysts cut their price targets.
August 15, 2024 | 1:13 pm
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NEGATIVE IMPACT
European Wax Center reported worse-than-expected Q2 sales and lowered FY24 revenue guidance. Shares fell 27% as analysts cut price targets. New CEO David Berg announced a reevaluation of development plans.
The disappointing Q2 sales and lowered FY24 guidance indicate potential financial struggles. The significant drop in share price and multiple analysts cutting their price targets suggest a negative short-term outlook. The appointment of a new CEO and reevaluation of development plans add uncertainty.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100