Beachbody Company initiated with a Buy at ThinkEquity

ThinkEquity initiated coverage of Beachbody Company with a Buy rating and $12 price target. The analyst says Beachbody is undertaking a significant turnaround effort in the competitive fitness and wellness industry. The company has made progress in cost reduction and operational efficiency but faces challenges in revitalizing sales growth, the analyst tells investors in a research note. The firm believes the company’s brand recognition, content library, and addressable market “provide a foundation for potential recovery.”