cnbc.com/2022/08/10/morgan-stanley-downgrades-allbirds-says-stock-is-stuck-until-path-to-profitability-is-more-clear.html
Allbirds lowered its guidance for the year after citing a slowdown in consumer demand. The company reported a greater quarterly loss compared with the prior year. Morgan Stanley downgraded Allbirds to equal-weight from overweight, and slashed its price target, following a quarterly earnings report that pointed to greater economic uncertainty.

The analyst also cut the price target by more than half, to $5 from $12, roughly in line with where shares closed Tuesday. The downgrade comes after Allbirds cratered more than 65% this year as markets punished unprofitable growth companies. Allbirds fell 1% in Wednesday premarket trading.

"We've learned the market is primarily benchmarking BIRD against unprofitable growth companies," Straton wrote. "These businesses often trade at lower valuation levels than Softlines Retailers, & make BIRD's current, lower valuation appear more fair than we initially thought," he said.
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