Beyond cut to Hold at Needham after pulled guidance

As previously reported, Needham downgraded Beyond to Hold from Buy with no price target after its Q1 earnings miss. The management also took down its FY24 goals provided less than two months ago, and given limited visibility in today’s macro and all brands still being in early innings of various initiatives, it is difficult to underwrite a turnaround in the near term, the analyst tells investors in a research note.