Beyond price target lowered to $17 from $26 at Piper Sandler

Piper Sandler analyst Peter J. Keith lowered the firm’s price target on Beyond to $17 from $26 and keeps a Neutral rating on the shares. If nothing else, Q1 results and the earnings call show that building Beyond and its 3 primary websites will take significant time and require patience for management to figure out a healthy balance between sales growth and profitability. In particular, there seems to be notable uncertainty with the Overstock and Zulily re-launches, and how long it will take these brands to become impactful to sales and EBITDA, the firm notes. The home furnishings industry is at or near the bottom of the cycle, which bodes well for sales growth as industry trends improve over 2 years, adds Piper.