1-800-Flowers.com price target lowered to $7.50 from $11 at DA Davidson

DA Davidson lowered the firm’s price target on 1-800-Flowers.com to $7.50 from $11 and keeps a Neutral rating on the shares. The company’s Q4 sales missed estimates but EBITDA beat consensus due to a higher-than-expected gross margin, as lower ocean freight costs are becoming more reflected in the income statement, the analyst tells investors in a research note. Everyday gifting remains “weak” however, and 1-800-Flowers.com does not expect stronger sales performance until the second half of FY24, the firm added.