BIRD - Allbirds stock slides after Morgan Stanley tempers turnaround expectations

2023-04-24 11:41:39 ET

Allbirds ( NASDAQ: BIRD ) stock marked a steep decline on Monday after Morgan Stanley reeled in expectations.

Equity analyst Alex Straton cut her price target on the stock to just $1 from a prior $4 and maintained an Equal Weight rating. The company’s rebound after an earnings print that sent shares sliding over 40% in March remains unsteady, in her view. Numerous analysts had slashed targets in mid-March , shifting the consensus to Hold .

Allbirds ( BIRD ) stock slid 7.69% in midday trading, trending only a few cents above a 52-week low. Shares of the San Francisco-based footwear manufacturer have fallen nearly 80% in the past year.

The Seeking Alpha Quant team has held a Sell rating since late November, shifting to Strong Sell in March .

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