Solo Brands price target lowered to $1.35 from $2.50 at Citi

Citi lowered the firm’s price target on Solo Brands to $1.35 from $2.50 and keeps a Neutral rating on the shares. The company’s Q2 sales and EBITDA beat expectations but it lowered 2024 guidance citing weak Q3 trends and macro pressure, the analyst tells investors in a research note. The firm believes there is still much to prove on execution and thinks there is covenant risk if the second half of 2024 financial delivery worsens meaningfully from here.