Craig-Hallum analyst Jeremy Hamblin lowered the firm’s price target on Grocery Outlet (GO) to $17 from $20 and keeps a Hold rating on the shares. The firm notes Grocery Outlet delivered a Q3 update consistent with last week’s update announcing the CEO transition. Guidance for Q4 reflects weaker same-stores sales along with downside on adjusted EBITDA as execution has been hampered by lingering effects of the systems transition, Craig-Hallum. The firm is encouraged by the plan outlined to see better performance in FY25 but notes that street forecasts need to come down further to ensure no backsliding on estimates.
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