JOAN - JOANN falls after Piper Sandler pulls away from bull rating

Piper Sandler downgraded JOANN (NASDAQ:JOAN) to a Neutral rating after having it slotted at Overweight. The firm warned on a sales outlook for this year that looks unfavorable with comparable sales strength fading and more gross margin pressure seen with high contracted ocean freight rates seen extending well into 2023. Analyst Peter Keith also pointed to some risk that the JOANN (JOAN) will need to use cash to pay down debt his year and next. Piper cut its price target on JOANN to $11 from $12 vs. the 52-week trading range of $8.51 to $17.50 and the average analyst price target of $13.43. The Seeking Alpha Quant Rating on JOANN is Hold.

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JOANN falls after Piper Sandler pulls away from bull rating