UPDATE: BofA Securities Downgrades SmileDirectClub Inc. (SDC) Two-Notches to Underperform
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(updated to add analyst comments)
BofA Securities analyst Michael Ryskin downgraded SmileDirectClub Inc. (NASDAQ: SDC) from Buy to Underperform with a price target of $7 (from $10).
Ryskin said they are even more cautious in their assumptions for a 2H/2021 recovery in aligner shipments and revenue growth. While management is making efforts to control costs, the analyst notes the business model is closely tied to advertising spend, and with suppressed spend levels and other overhangs they see an even slower recovery in 2020 than they had previously projected, with "added risk of an air pocket in demand."
Shares of SmileDirectClub Inc. closed at $7.72 yesterday.
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