Waldencast initiated with a Hold at TD Cowen

TD Cowen initiated coverage of Waldencast (WALD) with a Hold rating and $4.30 price target The firm says that while Obagi and Milk have unique positioning in the beauty space with opportunities to gain share, the combination of a normalizing beauty category, tougher comparisons lapping fiscal 2024’s “stellar” growth, and limited cash generation in the near-term could keep the stock range bound.