JPMorgan analyst Doug Anmuth says active client growth modestly accelerated to 31% year-over-year, leading to Stitch Fix's fourth straight quarter of 25% year-over-year revenue growth. The analyst, however, keeps a Neutral rating on the shares with a $26 price target following last night's Q4 results. He expects advertising spend and headcount growth will continue to weigh on margins. Further, Anmuth estimates 31M shares will be released from lock-up tomorrow, March 14, before the market open, versus the current 9M share float. This could create near-term weakness in the shares, Anmuth tells investors in a research note.