Beyond downgraded to Underperform at BofA after ‘disappointing’ Q3 results

As previously reported, BofA downgraded Beyond (BYON) to Underperform from Neutral with a price target of $6, down from $12.50, after disappointing Q3 results and an “Investor Event” that left the firm uncertain on the timing and potential for turnaround efforts. Q3 revenue declined 17% year-over-year, driven by a 19% decrease in orders as conversion remains a top issue, one that management acknowledged, the analyst tells investors. Beyond is in the midst of a highly complex process with three brand relaunches and two new partnerships that adds significant complexity, all while cash continues to diminish, the analyst added.