Following Moonpigs’ disappointing half-year results on Wednesday, the company saw JPMorgan cut its price target.

Moonpigs’ price target was reduced to 270p from 320p by JPMorgan. In addition, JPMorgan kept an Overweight rating on its shares. Price is currently trading well below these levels, and with further macroeconomic headwinds, it will be a challenging target for the group.

The personalised card retailer warned of lower sales to come as the cost-of-living crisis shifted shoppers away from higher-priced brands.

The company stated that trading during October and November had become progressively more challenging and uncertainty remained as postal strikes by Royal Mail hit the business. Its pre-tax profit more than halved to £9.1 million and Moonpigs’ Chief Executive, Nickyl Raithatha, stated that customers were hesitant to place orders due to the strikes.

As a result, the group expects revenue for the year to be approximately £320 million, reduced from the previous forecast of £350 million.

Moonpig shares tumbled 8.93% on Wednesday following its results.