UPDATE: Baird Downgrades Duluth Holdings (DLTH) to Neutral

Baird analyst Jonathan Komp downgraded Duluth Holdings (NASDAQ: DLTH) from Outperform to Neutral with a price target of $11.00.

The analyst comments "DLTH has been among our lowest conviction Outperform-rated stocks balancing our optimistic view of the long-term earnings potential under the current strategic direction, with external risks amid a more challenging macro environment. Following several mixed apparel reports, we have become less confident in the ability for DLTH to navigate mounting external headwinds without resorting to greater discounting activity. We are lowering F2023-2024E EPS estimates to better reflect more challenging macro conditions, and now see a roughly balanced risk/reward at DLTH's current 15.8X NTM P/E."

For an analyst ratings summary and ratings history on Duluth Holdings click here. For more ratings news on Duluth Holdings click here.

Shares of Duluth Holdings closed at $10.07 yesterday.

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