- Telsey Advisory Group Analyst Christina Fernandez kept a Market Perform rating on the shares Joann Inc JOHANNA with a target price of $8.00.
- Joanns Q2 adjusted earnings per share missed street estimates down 6.2% on comparable store sales.
- The analyst said the company saw a sequential improvement in its comparable sales throughout the quarter.
- However, Fernandez believed that supply chain costs remain high and are likely to weigh on gross margin for at least another quarter.
- The analyst believes she needs to see a return to positive comparable store sales, a reduction in supply chain costs and further deleveraging for the stock to regain momentum.
- The analyst also mentioned Joann’s appointment of Scott Sekella as the new CFO effective September 26.
- Price promotion: JOAN shares trade 1.82% lower at $7.01 on the last check Friday.
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