Figs downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Adrienne Yih downgraded Figs to Equal Weight from Overweight with a price target of $9, down from $15. The analyst cites the current weakening demand backdrop, increasing acquisition costs, and potential for slowing sales growth for the downgrade. She still sees longer term growth potential for Figs, however, saying it is a “premium healthcare apparel brand.”