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REAL

RealReal

$17.69

(0.00%)

, FTCH

Farfetch

$10.12

(0.00%)

09:41
08/12/19
08/12
09:41
08/12/19
09:41

RealReal near-term visibility more limited, says Credit Suisse

RealReal's (REAL) near-term visibility is more limited ahead of the company's Q2 results given recent luxury read-throughs, Credit Suisse analyst Michael Binetti tells investors in a research note. Negative reads from Barney's bankruptcy and Farfetch's (FTCH) Q2 results brought RealReal's shares down 26% last week, Binetti tells investors in a research note. The analyst says the "significant compression" in digital marketplace multiples has made his $30 target price for RealReal well above the valuation of Farfetch (FTCH) and peers. However, Binetti still thinks RealReal can be a "key asset in retail stock portfolios." He believes the company has baked in some near-term revenue conservatism around the elevated industry promotions it already saw coming ahead of the initial public offering. Further, the analyst notes that in past periods of increased promos in the primary luxury space, RealReal has seen "unexpected positive lifts" to its new customer growth trends. Binetti keeps an Outperform rating on the shares.

REAL

RealReal

$17.69

(0.00%)

FTCH

Farfetch

$10.12

(0.00%)

  • 12

    Aug

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    Aug

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    Aug

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    Aug

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    Aug

REAL RealReal
$17.69

(0.00%)

07/23/19
STFL
07/23/19
INITIATION
Target $30
STFL
Buy
RealReal initiated with a Buy at Stifel
Stifel analyst Scott Devitt started RealReal with a Buy rating and $30 price target. The company is the leader in the online luxury consignment space, an "attractive pocket" of the e-commerce landscape, Devitt tells investors in a research note. He believes RealReal provides a "superior marketplace experience highlighted by elevated consignor service and buyer trust." The company's end-to-end service model removes much of the friction in the consignment process for sellers and drives strong supply acquisition, contends Devitt.
07/23/19
KEYB
07/23/19
INITIATION
Target $31
KEYB
Overweight
RealReal initiated with an Overweight at KeyBanc
KeyBanc analyst Edward Yruma started coverage of RealReal with an Overweight rating and a $31 price target. The analyst believes RealReal is driving "real innovation" at the nexus of the circular economy, luxury, and e-commerce, and has "strong competitive advantages," particularly in supply, that differentiate it from peers. Further, Yruma thinks it can sustain 25%-plus Gross Merchandise Volume growth and attain profitability by 2021/2022.
07/23/19
COWN
07/23/19
INITIATION
Target $32
COWN
Outperform
RealReal initiated with an Outperform at Cowen
Cowen analyst Oliver Chen initiated RealReal with an Outperform rating as he believes its customer-centric supply gathering infrastructure, rapid turnover single SKU management and authentication will drive customer trust and engagement. He sees the company profitable by 2022. Chen has a $32 price target on RealReal shares.
07/23/19
BOFA
07/23/19
INITIATION
Target $28
BOFA
Neutral
RealReal initiated with a Neutral at BofA/Merrill
BofA/Merrill initiated RealReal with a Neutral and $28 price target.
FTCH Farfetch
$10.12

(0.00%)

06/12/19
KEYB
06/12/19
INITIATION
Target $27
KEYB
Overweight
Farfetch initiated with an Overweight at KeyBanc
KeyBanc analyst Edward Yruma started coverage of Farfetch with an Overweight rating and a $27 price target. The analyst believes Luxury is poised to make a significant shift online, which will drive a significant secular tailwind for the company. Farfetch has established a leading position in the secularly attractive luxury e-commerce industry and can sustain 30%-plus GMV growth for the medium-term, he argued.
07/16/19
BTIG
07/16/19
INITIATION
BTIG
Buy
Farfetch initiated with a Buy at BTIG
BTIG analyst Marvin Fong initiated Farfetch Limited with a Buy rating and $26 price target. The analyst noted that the company "operates the largest third-party luxury goods marketplace in the world," and would likely become "the largest pure-play luxury goods e-tailer of any kind" later this year. Fong said the stock has been under pressure from concerns over China, marketing spend, and insider selling, but believes the China risk is "almost entirely discounted."
08/09/19
CHRS
08/09/19
DOWNGRADE
CHRS
Hold
Farfetch downgraded to Hold from Buy at China Renaissance
08/09/19
COWN
08/09/19
NO CHANGE
Target $16
COWN
Outperform
Farfetch price target lowered to $16 from $33 at Cowen
Cowen analyst John Blackledge lowered his price target on Farfetch to $16 from $33 following mixed Q2 results. The analyst said its results were overshadowed by promotional activity and its margins reflect industry wide discounts. Blackledge lowered his estimates but said the selloff appears overdone and his buy thesis remains largely intact. Blackledge reiterated his Outperform rating on Farfetch shares.

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PROS

ProSight

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FULC

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DELL

Dell Technologies

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APTS

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PROS

ProSight

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06:58
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TLRD

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ACM

Aecom

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EL

Estee Lauder

$179.26

3.89 (2.22%)

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TLRD

Tailored Brands

$5.05

0.665 (15.18%)

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DRYS

DryShips

$3.83

0.065 (1.73%)

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TLRD

Tailored Brands

$5.05

0.665 (15.18%)

06:50
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DRYS

DryShips

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CDAY

Ceridian

$50.69

0.2 (0.40%)

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DECK

Deckers Brands

$134.33

1.39 (1.05%)

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EL

Estee Lauder

$179.26

3.89 (2.22%)

06:48
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Earnings
Estee Lauder sees FY20 adjusted EPS $5.90-$5.98, consensus $5.81 »

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EL

Estee Lauder

$179.26

3.89 (2.22%)

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EL

Estee Lauder

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BAC

Bank of America

$27.04

0.79 (3.01%)

, C

Citi

$63.46

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USB

U.S. Bancorp

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MS

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PCG

PG&E

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LVGO

Livongo Health

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ACM

Aecom

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0.53 (1.63%)

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HCAT

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NYNY

Empire Resorts

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DECK

Deckers Brands

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1.39 (1.05%)

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HCAT

Health Catalyst

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