Grocery Outlet shares are trading lower after the company reported reduced its FY24 adjusted EBITDA guidance. Also, Wells Fargo cut its price target on the stock from $28 to $26.
Portfolio Pulse from Benzinga Newsdesk
Grocery Outlet's shares are declining following a reduction in its FY24 adjusted EBITDA guidance. Additionally, Wells Fargo has lowered its price target for the stock from $28 to $26.
October 30, 2024 | 3:29 pm
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NEGATIVE IMPACT
Grocery Outlet's stock is under pressure due to a reduction in its FY24 adjusted EBITDA guidance and a lowered price target from Wells Fargo.
The reduction in FY24 adjusted EBITDA guidance suggests potential challenges in profitability, which is a negative signal for investors. The lowered price target by Wells Fargo further indicates a bearish outlook, likely leading to a short-term decline in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100