Monro Muffler Brake, Inc. (MNRO) stock plummeted 5.34% in the intraday trading session on Thursday, following the company's disappointing fiscal third-quarter results and guidance cut.
The automotive repair and tire company reported lower-than-expected earnings and revenue for the quarter ended December 24, 2022. The company also lowered its full-year guidance, citing weaker consumer demand due to inflationary pressures.
Analysts at Wedbush, while maintaining an Outperform rating on the stock, cut their price target to $27 from $31. Wedbush noted some encouraging signs in the quarter, such as improved comparable store sales and tire unit sales. However, the firm acknowledged the short-term pressure on sales due to the challenging macroeconomic environment.
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