The Lovesac Company (LOVE) Receives a Rating Update from a Top Analyst

By Ryan Adsit

Stifel Nicolaus analyst Scott Devitt maintained a Buy rating on The Lovesac Company (LOVEResearch Report) today and set a price target of $32. The company’s shares closed last Monday at $21.57.

Devitt commented:

“We are trimming our 2020 revenue by less than 1% as we shift revenue growth expectations from 3Q into 4Q on later timing of marketing initiatives and new showroom openings. The company supply chain transition is ahead of our expectation and should benefit gross margin progression into next year. We are lowering our PT on shares of LOVE to $32 from $38 on slightly lower revenue estimates and maintain our Buy rating.”

According to TipRanks.com, Devitt is a top 100 analyst with an average return of 19.6% and a 66.5% success rate. Devitt covers the Technology sector, focusing on stocks such as Uber Technologies Inc, Jumia Technologies AG, and Eventbrite Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for The Lovesac Company with a $37 average price target, a 69.3% upside from current levels. In a report issued on September 4, Roth Capital also reiterated a Buy rating on the stock with a $37 price target.

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The company has a one-year high of $46.79 and a one-year low of $15.07. Currently, The Lovesac Company has an average volume of 232.1K.

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The Lovesac Co. is a technology driven, omni-channel company. It designs, manufactures, and sells furniture comprised of modular couches called sactionals and foam beanbag chairs called sacs. Its products include sactionals, sacs, and accessories. The company was founded by Shawn David Nelson in 1995 and is headquartered in Stamford, CT.