Grocery Outlet downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Oliver Chen downgraded Grocery Outlet (GO) to Hold from Buy with a price target of $16, down from $25. The firm expects Grocery Outlet’s Interim CEO to be an “encouraging and steadying hand” as solving prolonged tech systems issues, mending relationships with independent operators, and restoring value pricing for consumers are key priorities. However, the analyst moves to the sidelines pending more confidence that Grocery Outlet “can execute its roadmap for future success.”