JPMorgan Double Downgrades ContextLogic Inc (WISH) to Underweight
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JPMorgan analyst Doug Anmuth downgraded ContextLogic Inc (NASDAQ: WISH) from Overweight to Underweight with a price target of $5.00 (from $17.00).
The analyst comments "ContextLogic operates Wish, one of the largest global ecommerce platforms, connecting 90M+ MAUs in 100+ countries to 550k+ merchants. WISH targets an underserved market, catering to value-conscious buyers—many with annual household income below $75k—through affordable and mostly unbranded products. While we believe WISH has significant growth potential with current penetration of ~3% of the global target market estimated at 1B+ households, and less than 1% share of the overall $2.1T global mobile commerce market, re-opening and higher ad price environment have impacted user retention, and acquisition. We believe WISH’s new product strategy will need several quarters to show results, and carries execution risk."
Shares of ContextLogic Inc closed at $9.41 yesterday.
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