UPDATE: Loop Capital Downgrades ContextLogic Inc (WISH) to Hold
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Loop Capital analyst Laura Champine downgraded ContextLogic Inc (NASDAQ: WISH) from Buy to Hold with a price target of $2.00 (from $4.00).
The analyst comments "We are lowering our rating from Buy to Hold on shares of WISH and cutting our price target for the shares from $4 to $2. Since our most recent report on March 1, our concerns around inflation and Wish’s European exposure have built. We think the wholly new C-suite Wish has hired in recent months has its hands full. We now project an EPS loss of $0.45 this year relative to our prior estimate of a 19-cent loss. We’re lowering our 2022 revenue estimate by over $200 million. The company is still slashing advertising and is clearly working on the platform’s value proposition. We believe Wish’s stock is reasonably valued trading at 0.4x our 2022 revenue estimate."
Shares of ContextLogic Inc closed at $2.13 yesterday.
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