BODY - Beachbody Company is called fairly valued by BofA in first ratings look

Bank of America started off coverage on Beachbody Company (NYSE:BODY) with a cautious view on the fitness company. Analyst Joanna Zhao and team said they are are constructive on the large fitness total addressable market and long-term margin benefit from subscription mix shift, however they think Beachbody (BODY) is valued at a fair discount to the broader comp group due to lower growth, lower margins, higher churn, expected losses through 2023 and possible liquidity concerns. Bank of America tagged Beachbody (BODY) with a Neutral rating, which is said to reflect the potential need of the company to raise capital to fund losses and a general preference for reopening stocks in the first half of the year. A price objective of $2.40 is set on Beachbody Company (BODY). Shares of Beachbody (BODY) rose 1.91% in premarket trading to $2.13 vs. the post-SPAC range of $1.51 to $13.50. Seeking Alpha authors have a bullish

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Beachbody Company is called fairly valued by BofA in first ratings look