Figs price target lowered to $4 from $5 at Barclays

Barclays lowered the firm’s price target on Figs (FIGS) to $4 from $5 and keeps an Equal Weight rating on the shares. The company’s Q3 results missed on sales and earnings, the result of footwear stock-outs and a weaker back-to-school promo sale, the analyst tells investors in a research note. The firm says Figs’ “outsized” expense headwinds were the result of the Olympics ad campaign and construction spending.