Beyond price target lowered to $8 from $14 at Piper Sandler

Piper Sandler analyst Peter J. Keith lowered the firm’s price target on Beyond (BYON) to $8 from $14 and keeps a Neutral rating on the shares following Q3 results and analyst day. Under the leadership of Executive Chairman Marcus Lemonis, the company has been undergoing “substantial” business transformation in 2024 much of which has been “confusing” and has resulted in “deteriorating” fundamentals, Piper told investors in a research note. While the path to improvement in conversion rate and gross margin seems “reasonable,” accepting the long-term vision will require more time and proof, according to the firm.