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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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