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YOGA

YogaWorks

$1.16

0.02 (1.75%)

05:14
08/29/18
08/29
05:14
08/29/18
05:14

YogaWorks has options, Street being too pessimistic, says Imperial Capital

Imperial Capital analyst George Kelly is surprised by the market reaction to YogaWorks' Q2 results earlier this month. While the results were disappointing, the 40% share decline and resulting $3M enterprise value "takes too myopic a view" of the company's outlook and strategy, Kelly tells investors in a research note. He believes "management has more options that appear little appreciated by the Street, options that would help drive scale without major dilution." The consensus view is that YogaWorks' cash burn will continue indefinitely, forcing management into a dilutive equity offering or risky financing, Kelly contends. He believes, however, that management has other options that could drive shareholder value. Other boutique brands could be interested in merging with YogaWorks, Kelly contends. Further, the analyst thinks YogaWorks' financial profile and brand "would be attractive to a larger fitness/leisure operator." He finds the Street too pessimistic on the stock and keeps an Outperform rating on the name with a $3.50 price target.

  • 06

    Nov

YOGA YogaWorks
$1.16

0.02 (1.75%)

11/15/17
DADA
11/15/17
INITIATION
Target $3
DADA
Neutral
YogaWorks initiated with a Neutral at DA Davidson
DA Davidson started YogaWorks with a Neutral rating and $3 price target.
08/15/18
GUGG
08/15/18
DOWNGRADE
GUGG
Neutral
YogaWorks downgraded to Neutral from Buy at Guggenheim
08/20/18
COWN
08/20/18
DOWNGRADE
COWN
Market Perform
YogaWorks downgraded to Market Perform from Outperform at Cowen
Cowen analyst Oliver Chen downgrade YogaWorks to Market Perform from Outperform as he sees risk to visitation and revenue trends with the company's medium-term priorities of pulling back on promotions and marketing. Although he believes the company is doing the right thing for their long-term health, the stock valuation could be sideways for awhile, said Chen, who removed his previous $7 price target on YogaWorks shares.
08/20/18
08/20/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Constellation Brands (STZ, STZ.B) downgraded to Negative from Neutral at Susquehanna with analyst Pablo Zuanic citing valuation. 2. Infosys (INFY) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Parag Gupta citing a belief that concerns around senior management exits will remain an overhang on the stock. 3. YogaWorks (YOGA) downgraded to Market Perform from Outperform at Cowen with analyst Oliver Chen saying he sees risk to visitation and revenue trends with the company's medium-term priorities of pulling back on promotions and marketing. 4. News Corp. (NWSA) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Andrew McLeod saying its Australian payTV unit, Foxtel, will launch a new OTT sports service by the end of 2018, which presents the "obvious risk" that its existing subscriber base and high ARPU will come under pressure. 5. Park Hotels & Resorts (PK) downgraded to In Line from Outperform at Evercore ISI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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