Brilliant Earth downgraded at Telsey on less engagement market visibility

As previously reported, Telsey Advisory analyst Dana Telsey downgraded Brilliant Earth (BRLT) to Market Perform from Outperform with a price target of $2, down from $3. While Brilliant Earth has done “a solid job” maintaining its brand positioning, the past year has seen choppy performance as the overall jewelry market, and the engagement space in particular, remains promotional and highly competitive, the analyst tells investors. The engagement category normalization remains gradual and the firm continues to see the engagement market correction as prolonged, so it cites “less visibility to improved performance in a key category” for its downgrade of the shares.