Torrid Holdings Inc (CURV) PT Lowered to $2 at BofA Securities

BofA Securities analyst Lorraine Hutchinson lowered the price target on Torrid Holdings Inc (NYSE: CURV) to $2.00 (from $6.00) while maintaining a Buy rating.

The analyst comments "CURV reported 3Q EPS of ($0.06), below our/VA cons of ($0.02) from weaker sales due to an execution miss on tops and associated markdowns. Mgmt lowered F25 guidance to net sales of $995mm-1.002bn (was $1.015-1.030bn) and $59-62mm adj. EBITDA (was $80-90mm) as it expects assortment challenges to continue in 4Q. Mgmt has taken quick action to address the issue, and we expect a recovery in sales and margins in 2026; retain Buy. We are lowering our F25/F26 EBITDA ests to $62/66mm to reflect the margin pressures and our PO to $2 (was $6), now based on 6x F26E EV/EBITDA (was 9x) to reflect a discount to the peer average given execution challenges."

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