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Fly News Breaks for November 8, 2019
MED
Nov 8, 2019 | 07:56 EDT
DA Davidson analyst Linda Weiser downgraded Medifast to Neutral from Buy with a price target of $74, down from $250. The analyst says the company's disappointing Q3 results were marked by several business disruptions, including the creation of fake customers through bot-executed credit card fraud and supply chain issues. Weiser notes that the investment story on Medifast has "gone off the rails", modeling flat-to-down revenue for the first 3 quarters of FY20 before "optimisticallly" forecasting return to 20% revenue growth in FY21.
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