"We have fading confidence in the outlook for revenue outperformance and timeline to underlying GAAP profitability following several earnings releases where the revenue growth and profitability outlook have disappointed versus our expectations, driving a more balanced risk/reward with less upside potential to valuation," analyst Brooke Roach said in a note to clients. Roach downgraded the stock to neutral from buy and slashed the bank's price target to $18 from $34 a share.
" The new target implies upside of just 3% from Tuesday's closing price. Warby could benefit and capture market share in the long-term as it grows its brick and mortar stores, but a troublesome macro-environment, among other things, creates a "longer-dated path to profit growth," Roach said. "We no longer have conviction in valuation expansion opportunity given our below-guide revenue and EBITDA forecasts.
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