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Benzinga
Benzinga
Business
Shivani Kumaresan

BofA Downgrades This Media Conglomerate - Read Why

BofA Qurate Qurate Retail Qurate Retail Inc
  • BofA analyst Jason Haas downgraded Qurate Retail Inc (NASDAQ:QRTEA) to Neutral from Buy with a price target of $6.30, down from $11.50, implying a 6.6% upside.
  • The analyst noted Qurate's Q4 pre-announcement was "disappointing", and while he thought this was driven by supply chain issues, the final earnings report suggested that competitive issues and poor execution impacted business.
  • While the management expects supply chain issues to abate beyond the first half of the year, visibility is low, Haas added.
  • Related: Qurate Retail's Stock Slides On Q4 Earnings Miss
  • Price Action: QRTEA shares are trading lower by 4.23% at $5.66 in premarket on the last check Monday.
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