Allbirds price target lowered to $1.25 from $2.00 at Baird

Baird lowered the firm’s price target on Allbirds to $1.25 from $2.00 and keeps a Neutral rating on the shares. The firm said management is executing on its transformation initiatives, with reduced cash burn a key highlight from Q3; however, heavy discounting, lack of a big product/marketing catalyst, international distribution changes, and a tougher macro backdrop all continue to weigh on the model.