ContextLogic Inc (WISH) PT Lowered to $2 at Cowen

Cowen analyst John Blackledge lowered the price target on ContextLogic Inc (NASDAQ: WISH) to $2.00 (from $5.00) while maintaining a Market Perform rating.

The analyst commented, "WISH 4Q active users declined 58% y/y following sustained reduction in ad spend. 4Q rev was below our / cons estimates while EBITDA beat as cost savings offset rev declines. WISH announced restructuring plans incl. a 15% reduction in workforce and termination of services in 79 mkts. 1Q outlook calls for seq. decline in EBITDA as Jan rev was down 28% relative to Oct 21 ; PT goes to 2 vs 5 prior."

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