- 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.
