Joann Inc falls after results miss, Telsey downgrade

Joann

03/09/2021 12:58

** Shares of arts and crafts retailer  JOAN.O  down ~18% at
$10.40 premarket - set to open at 5-month low
    ** Shares on track for biggest one-day pct fall since JOAN
went public in March 
    ** Co reported, after markets closed on Thursday, Q2 loss of
20 cents/shr, bigger than analysts' estimates of 13 cents/shr
according to Refinitiv IBES  urn:newsml:reuters.com:*:nGNXbt70Nw 
    ** Q2 net sales fell 29.8% to $496.9 mln, missing estimates
of $533.2 mln 
    ** Brokerage Telsey Advisory Group downgrades JOAN to market
perform from outperform, cutting PT to $14 from $18
    ** 8 of 9 brokerages rate stock "buy" or higher and 1
"hold"; their median PT is $18.50
    ** As of last close, JOAN up ~6% from its IPO price

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))