Raymond James analyst Aaron Kessler upgraded RealReal to Outperform from Market Perform with a $21 price target. The analyst expects continued positive near-term fundamental trends, including strong gross merchandise volume growth and margin improvement. As such, he believes Street estimates for RealReal are likely conservative. Kessler remains positive on the resale market increasingly shifting online with RealReal as the leader in the luxury segment. In addition, the stock's valuation has become attractive, Kessler tells investors in a research note.