The Beachbody Co. Inc. (BODY) PT Lowered to $6.25 at DA Davidson

DA Davidson analyst Linda Bolton Weiser lowered the price target on The Beachbody Co. Inc. (NYSE: BODY) to $6.25 (from $11.50) while maintaining a Buy rating following results.

The analyst commented, "BODY reported a disappointing 3Q21, with Digital revenue about in line with our estimate, with nearly all the top-line shortfall in Nutrition and Connected Fitness. The BODi launch was delayed by a month to October, softer at-home fitness demand impacted Digital subs (+1% Y/Y but -4% vs. 2Q21), and marketing ROI was reduced by the iOS changes. BODY has taken actions to contain losses and maintained 2021 EBITDA guidance. Cash could be ~$100M at year-end and capital could be needed in 2022. The CEO is highly motivated to turn this around and we are maintaining our BUY but cutting our PT to $6.25 from $11.50, based on 2.5x 2023E sales of $810M."

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