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Benzinga
Benzinga
Business
Shivani Kumaresan

Here's Why Telsey Downgraded Enjoy Technology

Dana Telsey Fareed Khan Nasdaq Europe
  • Telsey analyst Dana Telsey downgraded Enjoy Technology Inc (NASDAQ:ENJY) to Market Perform from Outperform and reduced the price target to $4.00 from $6.00, implying a 22% upside.
  • The analyst noted that the visibility of Enjoy's near-term business trends is clouded due to ongoing inventory constraints and pressure on profitability related to continued investments in mobile stores, technology, and labor.
  • Telsey specified the company had missed the Street view over the past two quarters, primarily due to inventory shortages, frequency of daily visits, and weakness in Europe.
  • The analyst added that the recent departure of CFO Fareed Khan could create some near-term challenges.
  • Related: Enjoy Technology's Finance Head Steps Down
  • Price Action: ENJY shares are trading lower by 3.54% at $3.27 on the last check Tuesday.
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