UPDATE: Cowen Downgrades Sally Beauty Holdings (SBH) to Market Perform

Cowen analyst Oliver Chen downgraded Sally Beauty Holdings (NYSE: SBH) from Outperform to Market Perform with a price target of $17.00 (from $20.00).

The analyst comments "We downgrade SBH to Market Perform as we see risks to Street's FY23 estimates given weaker consumer sentiment at the low end, gross margin compression risk from higher promotional activities, and while heavy concentration in hair color/care has been a stable positive, this may become a risk on tougher compares. Valuation is fair at ~7x FY2 P/E & ~13% FCF yield with net debt/EBITDA of ~2.2x."

For an analyst ratings summary and ratings history on Sally Beauty Holdings click here. For more ratings news on Sally Beauty Holdings click here.

Shares of Sally Beauty Holdings closed at $15.21 yesterday.

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