Citi downgraded Here Group to Neutral from Buy with a price target of $2.50, down from $14. The firm is citing the company's softer execution visibility, normalization of pop toy sales momentum, and an update of its valuation framework following the disposal of the Established Education Business, the analyst tells investors in a research note. Citi adds it is lowering its target forward price-to-earnings multiple to 5x from 30x), reflecting a meaningful discount to industry average given execution overhangs and the absence of near-term re-rating catalysts.
