UPDATE: Cowen Downgrades Poshmark (POSH) to Market Perform
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Cowen analyst Oliver Chen downgraded Poshmark (NASDAQ: POSH) from Outperform to Market Perform with a price target of $22.00 (from $42.00).
The analyst comments "We move to the sidelines as we expect the stock could be range-bound with a lack of positive catalysts in the near term. Elevated marketing costs, strategic investments in brand building, and slower than expected international market growth could weigh on top- and bottom-line results in FY22. We believe it may take several quarters to drive upside and risk is apparent."
Shares of Poshmark closed at $20.77 yesterday.
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