JPMorgan raised Farfetch’s price target after the online luxury retailer reported 2Q revenue that topped analysts’ estimates. Shares of Farfetch jumped 8.2% on Friday.
Doug Anmuth raised the price target on Farfetch (FTCH) to $40 (40.1% upside potential) from $18, and kept a Buy rating on the stock. Anmuth wrote in a note to investors that Farfetch has become "an increasingly important partner" to boutiques, brands and other retail partners, that had to shut down amid the COVID-19 pandemic. The analyst believes that Farfetch’s "positive results" are driven by recent key initiatives and acquisitions.” data-reactid=”13″>JPMorgan analyst Doug Anmuth raised the price target on Farfetch (FTCH) to $40 (40.1% upside potential) from $18, and kept a Buy rating on the stock. Anmuth wrote in a note to investors that Farfetch has become “an increasingly important partner” to boutiques, brands and other retail partners, that had to shut down amid the COVID-19 pandemic. The analyst believes that Farfetch’s “positive results” are driven by recent key initiatives and acquisitions.
Stephen Ju increased the stock’s price target to $35 (23% upside potential) from $29, and reiterated a Buy rating. Ju was impressed with 2Q results and saw improving US trends in the latter half of June coupled with ongoing strength from China/APAC and Europe. As North America begins to "exert less of a drag on overall consolidated growth, the possibility remains for Farfetch to show ongoing momentum for the balance of 2020," the analyst added.” data-reactid=”14″>In addition, Credit Suisse analyst Stephen Ju increased the stock’s price target to $35 (23% upside potential) from $29, and reiterated a Buy rating. Ju was impressed with 2Q results and saw improving US trends in the latter half of June coupled with ongoing strength from China/APAC and Europe. As North America begins to “exert less of a drag on overall consolidated growth, the possibility remains for Farfetch to show ongoing momentum for the balance of 2020,” the analyst added.
2Q revenues rose 74% year-over-year to $365 million, surpassing Street estimates of $327 million. The company reported a 2Q loss of $0.31 per share, which is lower than analysts’ expectations of a loss of $0.37 per share. Furthermore Farfetch confirmed that the company is on track to report adjusted EBITDA profitability in 2021.
price target of $31.65 implies upside potential of about 11% to current levels. (See FTCH stock analysis on TipRanks).” data-reactid=”20″>Currently, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 10 Buys versus 1 Sell. The average price target of $31.65 implies upside potential of about 11% to current levels. (See FTCH stock analysis on TipRanks).
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