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Fly News Breaks for October 11, 2018
SFIX
Oct 11, 2018 | 06:07 EDT
Piper Jaffray analyst Erinn Murphy lowered her price target for Stitch Fix to $23 and keeps a Neutral rating on the shares following her firm's Fall 2018 Women's survey. The survey of 409 women indicates 39% aided awareness for Stitch Fix versus 42% awareness of Amazon Prime Wardrobe (AMZN) and 9% for Trunk Club, Murphy tells investors in a research note. She notes that of the 39% of females who were familiar with Stitch Fix, 56% have tried it and "only" 27% state they will still be on the platform in a year. This would imply a churn rate of 73%, Murphy points out. Further, she believes Stitch Fix has already addressed greater than 30% of the customer base to comparable national retail chains.
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