Duckhorn Portfolio Inc (NAPA)

Duckhorn Portfolio Inc Stock (NAPA) dropped by 12.05% from $10.21 to $8.98 in the trading on Thursday December 07, 2023. The reasons why NAPA stock down today include:

• Weaker-than-expected quarterly results: Duckhorn's revenue fell 5.2% year over year to $102.5 million, translating to adjusted net income of $15.5 million, or $0.13 per share. Analysts, on average, were expecting higher earnings of $0.15 per share on revenue of $103.6 million. It is due to signs of softening in consumer sentiment and luxury wine trends.
• Narrowed guidance: Duckhorn narrowed its guidance for full FY 2024 net sales of $420 - $427 million (from $430 million at the top end before), and adjusted EBITDA of $150 - $153 million (from $155 million on the high end previously). The company reiterated its full-year outlook for adjusted earnings per share of $0.67 to $0.69.
• Stock downgrade: Following the results, Bank of America Analyst Peter Galbo downgraded the stock's rating from Buy to Neutral and lowered the price target from $15 to $11, citing a less certain growth outlook.

The Duckhorn Portfolio, Inc. (NAPA) stock price was down 7.73% during trading on Friday after Barclays lowered their price target on the stock from $16.00 to $14.00.

https://www.americanbankingnews.com/2023/09/30/duckhorn-portfolio-nysenapa-shares-down-3-8-following-analyst-downgrade.html