Beyond price target lowered to $11 from $14 at Jefferies

Jefferies lowered the firm’s price target on Beyond to $11 from $14 and keeps a Hold rating on the shares. Following an analysis of August web traffic data, the firm trimmed its estimates for the second half with a view that lapping the aggressive promotional strategy deployed in the second half of 2023 by the prior management team is “proving to be a challenge.” While rate cuts will eventually catalyze industry demand and benefit Beyond, for now the middle-income consumer is “broadly de-prioritizing durable discretionary goods,” the analyst tells investors.