CLAR - Clarus cut to Neutral at Bank of America on risk to full-year guide

2023-05-03 11:32:10 ET

Bank of America shifted to Neutral on Clarus Corporation ( NASDAQ: CLAR ) given a murky outlook for the latter half of 2023.

The team also lowered its price target to $10 from a prior $12 given risks they believe are evident in second-half guidance. A darkening macro backdrop could prove “sequentially worse for big ticket purchases” as well and hamper performance.

“We rate CLAR shares Neutral as risk to CLAR’s 2H outlook is partially offset by compelling valuation with shares trading at an EV of 6.0X our C24 EBITDA, below other high quality leisure names (average 7.7x) and as we continue to see significant long-term whitespace opportunity across all three business segments,” the team concluded.

Shares of Clarus ( CLAR ) dipped 2.38% during Wednesday’s trading.

Read more on the company’s latest earnings release .

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