RBC Capital Downgrades CarParts.com (PRTS) to Sector Perform

RBC Capital analyst Steven Shmesh downgraded CarParts.com (NASDAQ: PRTS) from Outperform to Sector Perform with a price target of $1.30 (from $2.00).

The analyst comments "Reaffirmed guidance following the 2Q sales miss implies a notable underlying sales acceleration in the back half. While the q/q gross margin improvement is encouraging and gives some credence to mgmt's strategy, 2H numbers appear to be at risk. We are stepping to the side until top-line visibility improves. For FY'24/FY'25, we adjust our y/y net sales growth estimates to -14%/+2% (-11%/+3% prior) and adj. EBITDA estimates to $1.0M/$5.0M ($5.4M/$7.8M prior). Our PT comes down to $1.30 from $2.00 based on ~0.10x our revised FY'25 sales estimate ($596M)."

For an analyst ratings summary and ratings history on CarParts.com click here. For more ratings news on CarParts.com click here.

Shares of CarParts.com closed at $1.20 yesterday.

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