Wedbush downgraded the shares of footwear and apparel manufacturer Allbirds Inc (NASDAQ:BIRD) to "neutral" form "outperform" and cut its target price by $1 to $3, citing slowing revenue growth and concerns about underperformance compared to its sector peers.
Coming into today, half of the 12 covering brokerages still recommended a "strong buy," so we could see a further shift in analyst sentiment in the near term. What's more, BIRD's 12-month average target price of $4.80 is a 60% premium to Friday's close, leaving room for more price adjustments to the lower end.
Allbirds stock is taking a step back in response, last seen 4.4% lower to trade at $2.93. The stock just snapped a three-week losing streak, and stands 22.5% higher in 2023; however, year-over-year, BIRD is down more than 53%.
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