Beyond price target raised by $4 at BofA, here’s why

BofA raised the firm’s price target on Beyond to $25 from $21 and keeps a Neutral rating on the shares after the company announced that sales grew 24% year-over-year during the Cyber Five period and also announced a fixed cost savings plan that includes a 10% reduction in force, right sizing their facility footprint, re-negotiating vendor contracts and outsourcing functions. The firm thinks Beyond’s cost-restructuring plans are a “step in the right direction” and likely to be received well by investors, but it believes less potential EBITDA upside, all else equal, is now factored into shares given the cost cuts.