1-800-Flowers.com drops 9% in pre-market on Goldman downgrade

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Specialty gift and floral retailer 1-800-Flowers.Com Inc. (Nasdaq:FLWS) is down nearly 9% in today’s pre-market trading after analysts at Goldman Sachs downgraded the company to “sell” from “neutral” ahead of the opening. The research firm said the Carle Place, N.Y.-based company faces a rough economy with consumer spending dropping. Goldman cut the company’s price target to $6 from $9. In today’s pre-market, shares of 1-800-Flowers.com are at $5.09, down $0.49 from Monday’s close. The company’s shares have ranged from $5.50 to $13.42 during the past year.

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