Turning Point Brands Stock Slides Amid CEO Resignation and Earnings Guidance Cut
Turning Point Brands (NYSE: TPB) experienced a significant drop in its stock price, falling nearly 12% week to date as of early Friday. The decline followed the unexpected resignation of CEO Graham Purdy due to personal circumstances requiring his immediate attention. David Glazek, currently executive chairman and board member, will assume leadership on October 1. In addition to the leadership change, Turning Point revised its annual EBITDA guidance downward for fiscal year 2026 from a range of $70 million to $90 million to between $70 million and $80 million. The company also saw an analyst price target cut by Oppenheimer’s Ian Zaffino, who reduced his recommendation on the stock from $130 per share to $90 while maintaining a 'buy' rating. Investors are reacting cautiously due to uncertainty around strategic direction under new leadership and concerns about near-term profitability. The market is now watching closely for how Glazek will steer growth initiatives in oral tobacco, Turning Point’s primary revenue driver.
Tickers: $TPB
Topics: Analyst Price Target Cut CEO Resignation Earnings Guidance