Beyond Inc. (BYON) PT Lowered to $36 at Compass Point

Compass Point analyst Joe Flynn lowered the price target on Beyond Inc. (NYSE: BYON) to $36.00 (from $45.00) while maintaining a Buy rating.

The analyst commented: "BYON 1Q24 results came in largely inline with our estimates, but missed consensus. On the call BYON guided for 2Q24 results inline with our estimates, but considerably below consensus, and walked back its previous revenue guide of $2B and profitability targets for 3Q/4Q24, which led to the stock selling off considerably. While we think 1Q24 earnings call was a setback, and near-term visibility into results is difficult, we believe the stock trading off provides an opportunity to again buy into the turnaround story at favorable valuations that provide a margin of safety and compelling risk reward. The stock is trading below levels as standalone legacy OSTK, and we continue to believe that the company is now fundamentally different than prior mismanaged OSTK and will re-rate to peer multiples on visibility into execution on turnaround with a strong management team in place who believes they have three $1B+ potential brands (BBB.com, Overstock.com, Zulily). We reiterate our Buy Rating, but lowering our price target from $45 to $36, based on a lowered multiple to 0.6x CY25 EV/Sales given the recent setback and lower near-term visibility."

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