Barclays Downgrades Cricut To Underweight

Barclays analyst Adrienne Yih downgraded Cricut Inc CRCT to Underweight from Equal Weight with an unchanged price target of $28, implying a 7% upside.
The analyst sees limited upside to Cricut in the near term given the "faster than anticipated attrition" in crafting activity as consumers gravitate towards experiences as reopening accelerates.
She is concerned that engagement may decline faster than anticipated as a full reopening has yet to occur.
Price Action: CRCT shares traded lower by 6.4% at $25.82 on the last check Friday.