Goldman Sachs analyst Brooke Roach downgraded Figs to Sell from Neutral with a price target of $7, down from $14. A weaker macro and heavy industry inventory levels create a tougher setup into the second half of 2022 for branded consumer goods, Roach tells investors in a research note. For Figs, the analyst believes near-term demand headwinds “will be larger and more pronounced” than consensus expectations, driving moderating sales growth. She thinks inflationary pressures on the consumer may result in deferred or reduced demand for Figs’ premium and long-lasting product.