UPDATE: BTIG Starts Enjoy Technology Inc. (ENJY) at Buy
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Rating Summary:
0 Buy, 4 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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BTIG analyst Marvin Fong initiates coverage on Enjoy Technology Inc. (NASDAQ: ENJY) with a Buy rating and a price target of $10.00.
The analyst comments "We are initiating coverage on Enjoy Technology with a BUY rating and $10 PT. ENJY is pioneering Commerce-at-Home, a new fulfillment channel that marries the high-touch service of an in-store visit with the convenience of online fulfillment. We believe the concept is a win-win for retail partners and customers that will justify Commerce-at-Home becoming a permanent part of online retail's future. We view recent supply chain issues as transitory, making the pullback in ENJY shares a long-term buying opportunity. Once inventories inevitably normalize, we expect ENJY to see a rapid rebound in its sales volumes and KPIs. Backing our constructive stance is our proprietary survey of 957 Enjoy customers. Consumers expressed high satisfaction, with 87% saying their Enjoy experience was Good or Great and 96% stating their Enjoy Expert was very helpful. With ENJY's service proving well-received by consumers, we believe ENJY will be able to expand its wallet share with existing partners and attract brand partnersin new verticals with personal luxury goods a logical firststep. Valuation is a challenge given there are no publicly-traded comps. Regardless, if ENJY can deliver on its 2025 targets of >$1B in revenue (implying an ~85% CAGR) and 30%+ EBITDA margins, its KPIs will be consistent with best-in-class e-commerce platforms. We set a 12-month PT of $10/share, based on 10x 2025E EBITDA discounted to year-end 2022."
For an analyst ratings summary and ratings history on Enjoy Technology Inc. click here. For more ratings news on Enjoy Technology Inc. click here.
Shares of Enjoy Technology Inc. closed at $7.60 yesterday.
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