• Wedbush analyst Seth Basham downgraded Casper Sleep Inc (NYSE: CSPR) to Neutral from Outperform with a price target of $4, down from $10.50.

• The analyst noted that on Friday, Casper filed an 8-K indicating that it had received a limited waiver and amendment regarding certain covenants in its debt agreement.

• The lender has agreed to waive the requirement for the company to maintain at least $32 million in cash for the period beginning October 18, 2021, and ending on December 31, 2021, as long as the company notifies the borrower five business days before the company reduces its cash on hand below $15 million.

• Basham has recently lowered his estimates for Casper Sleep and now sees more downside than upside risk to forecasts and worse financial stability.

• Price Action: CSPR shares are trading lower by 9.48% at $4.01 on the last check Monday.

Latest Ratings for CSPR

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