Poshmark (POSH) Stock Hit Again as Cowen Downgrades to Market Perform and Cuts PT by Nearly 100%

Shares of Poshmark (NASDAQ: POSH) are trading around 3% lower today after Cowen analyst Oliver Chen downgraded to Market Perform from Outperform and slashed the price target to $22.00 per share from the prior $42.00.

The analyst believes shares are likely to trade range-bound in the near-term amid a lack of positive catalysts.

“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,” Chen said in a client note.

Poshmark stock price is now down over 80% after trading above the $50 mark in January this year.

Poshmark shares are currently trading at $20.18.

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