So-Young Int'l (SY) PT Lowered to $14 at Canaccord Genuity As Covid Continues to Crimp Growth

Canaccord Genuity analyst Austin Moldow lowered the price target on So-Young Int'l (NASDAQ: SY) to $14.00 (from $16.00) while maintaining a Buy rating after the company reported soft Q4 results as COVID-19 continued to weigh on the medical aesthetic industry.

The analyst stated "We believe So-Young remains a leading platform among users, as evidenced by its sixth straight quarter of 100%+ mobile MAU growth. Users continue to come to the platform for its content and information and growing access to providers virtually. However, actual transactions did not yet materialize. The surgical subset of the market, SY's historical focus, has had a particularly slow recovery. To help alleviate some of this softness and also to capture greater share of the industry, SY is broadening its focus in more meaningful ways to attack the non-surgical side of the industry in 2021. With lower average transaction values, this could put pressure on gross transaction volume while increasing the TAM. Management once again guided down expectations, so we are again cutting our estimates."

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