Frederick M. Brown
Beyond (NYSE:BYON) tracked higher on Friday after Needham upgraded the retail stock to a Buy rating and tacked on a price target of $40 to represent more than 40% upside potential.
Analyst Anna Andreeva said she sees a wide range of profit and loss outcomes for 2024 and 2025, but is constructive on the company’s self-help initiatives with Marcus Lemonis at the helm as the agent of change.
Andreeva noted that sell-side estimates on BYON for 2024 EBITDA are down 200% in the last year and pointed to the urgency to create a more variable expense base more appropriate for an asset-light business under Lemonis. She also expects BYON to be active on buybacks. The baby, services, ads and Medici parts of the business are all seen as additional opportunities for upside.
Lemonis joined the Beyond (BYON) board in October before being named chairman in December. Lemonis is also currently the Chairman and Chief Executive Officer of Camping World Holdings (CWH). He is said to bring a broad and diverse experience in growing and scaling companies from the inside out. Lemonis is well-known for his role in trying to improve small businesses on CNBC’s The Profit, where he helped them focus on their people, process, and products to achieve stability and profitability.
Shares of Beyond (BYON) were up 2.65% to $26.23 at 10:55 a.m. The Seeking Alpha Quant Rating on BYON is flashing Hold, which is consistent with the view of Seeking Alpha analysts as a whole. Short interest on BYON stands at just over 12% of the total float.