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WeWork Gains on New Buy Rating at Piper Sandler



Shares of the fallen unicorn turned SPAC WeWork (WE) received practically 4% right after-several hours Monday right after Piper Sandler analyst Alexander Goldfarb imitated coverage with an Overweight rating and a $10 selling price focus on. The analysts think the enterprise will be hard cash-movement positive by Q2/24, with visibility of this time frame in the second fifty percent of 2023.

Because Chairman and CEO Sandeep Mathrani joined in 2020, the company’s aim has been expense rightsizing, with about $1.5 billion eradicated so far.

The analysts think the business can obtain profitability by late 2023/early 2024, which could speed up specified its versatile function station enterprise product suits in the publish-COVID earth, highlighting the simple fact that desk utilization prices are now 63% vs. 45% at the COVID lows, even though place of work total is stuck at all over 35%.

The brokerage expects GAAP EPS of ($2.31) for 2022, ($1.28) for 2023, and ($.84) for 2024. FCF forecasts stand at ($910 million) for 2022, ($278 million) for 2023, and ($10 million) for 2024.

By Davit Kirakosyan

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