2024-03-26 03:48:18 ET
Summary
- I recommend a sell rating for The Duckhorn Portfolio due to concerns about NAPA's near-term performance and lack of positive catalysts.
- NAPA reported a decline in revenue and weak sales performance across all channels, indicating continued weakness in demand.
- I believe there is room for further downside surprises and doubt that NAPA can show any positive surprises given the current macroeconomic conditions.
Investment action
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For further details see:
The Duckhorn Portfolio: Rating Downgrade As I Am Not Optimistic About H2 Recovery