UPDATE: Citi Downgrades Boxed Inc. (BOXD) to Neutral

August 10, 2022 3:52 AM EDT
Get Alerts BOXD Hot Sheet
Price: $0.94 +2.17%

Rating Summary:
    1 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 13 | New: 58
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(Updated - August 10, 2022 5:15 AM EDT)

Citi analyst Ronald Josey downgraded Boxed Inc. (NYSE: BOXD) from Buy to Neutral with a price target of $2.00 (from $12.00).

The analyst comments "As Boxed realigns its strategy to focus on its three fastest-growing and most profitable businesses—1) B2B retail (which has grown 55%+ Y/Y for the past three quarters); 2) Spresso (its rebranded and expanded SaaS platform with 85%+ gross margins); and 3) Boxed Market (its rebranded MaxDelivery offering)—we downgrade shares to Neutral/High Risk and lower our TP to $2.00 from $12.00 prior. Given Boxed’s strategic refocus amidst a more challenging macroeconomic backdrop impacting its core B2C business, Boxed lowered its FY2022 revenue guidance by ~26% to $172.5M at the mid-point. While we agree a more focused organization can deliver improving results and that Boxed continues to offer a compelling value prop to its users, we look for greater traction across its core strategic priorities and believe the risk/reward in shares is balanced at current levels."

For an analyst ratings summary and ratings history on Boxed Inc. click here. For more ratings news on Boxed Inc. click here.

Shares of Boxed Inc. closed at $1.95 yesterday.

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