- Chardan Capital analyst Brian Dobson reiterated a Buy rating on PLBY Group Inc PLBY and lowered the price target to $9 from $13 (56% upside).
- The analyst said PLBY reported worse-than-expects Q2 earnings, missing the estimate, and suspended its 2022 guidance.
- PLBY reported a quarterly net loss of $(8.3) million, or $(0.18) per share, which missed the estimate for a loss of $(0.12) per share.
- Dobson said the disappointing results stem from inflationary pressures and intensifying competition impacting items sold via Lovers and Yandy.
- Nevertheless, the analyst feels PLBY will retain its appeal due to its iconic brand, clothier Honey Birdette and NSFW social media platform, CENTERFOLD.
- Price Action: PLBY shares are trading lower by 17.48% at $5.76 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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