Sow Good (SOWG) PT Lowered to $17 at Roth/MKM

Roth/MKM analyst George Kelly lowered the price target on Sow Good (NASDAQ: SOWG) to $17.00 (from $21.00) while maintaining a Buy rating.

The analyst comments "We are resetting estimates lower following SOWG's 2Q24 report. Our updated 2024 estimates assume that shipments resume in late 3Q and that Five Below and Target (TGT-Neutral, Kirk) reset at lower levels than previously forecast. In 2025, we are taking down revenue for the same key-retailer productivity reset. EBITDA moves less meaningfully in 2025 as improved GPM mostly offsets scale & SG&A de-leverage. We suspect the stock will remain "range-bound" until visibility improves, but reiterate our Buy as SOWG broadens distribution."

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