- Analysts mainly slashed the price targets or downgraded the rating on Blend Labs Inc (NYSE:BLND) post Q4 results.
- KeyBanc analyst Josh Beck lowered the price target to $6 from $10 (26% upside) and kept an Overweight.
- The company's FY22 revenue forecast was well below the Street's $343.8 million, reflecting the negative impact of higher rates on the mortgage market.
- Canaccord analyst Joseph Vafi downgraded Blend Labs to Hold from Buy with a price target of $5, down from $28 (5% upside).
- Vafi noted that share gains in 2022 likely cannot entirely offset estimated overall mortgage volume declines given the macro environment.
- Truist analyst Terry Tillman lowered the price target to $5.50 from $7.50 (16% upside) and kept a Hold.
- Tillman specified that the company's Q1 and FY22 outlook was well below Street view.
- The analyst remains cautious about the potential for further negative estimate revisions and the lack of clarity around cost savings initiatives.
- Piper Sandler analyst Arvind Ramnani downgraded Blend Labs from Overweight to Neutral and lowered the price target from $10 to $5.5 (16% upside).
- Wells Fargo analyst Michael Turrin downgraded Blend Labs from Overweight to Equal-Weight with a $5 price target (5% upside).
- Price Action: BLND shares traded lower by 16.58% at $4.76 on the last check Friday.
