BofA Securities Upgrades Oddity Tech Ltd (ODD) to Buy, "recent pullback presents an attractive buying opportunity"

BofA Securities analyst Lorraine Hutchinson upgraded Oddity Tech Ltd (NASDAQ: ODD) from Neutral to Buy with a price target of $37.00 (from $60.00).

The analyst comments: " We are upgrading ODD to Buy from Neutral as we think the recent pullback in the stock presents an attractive buying opportunity. ODD is an online platform of direct-to-
consumer brands (Il Makiage & SpoiledChild) aimed at disrupting the beauty and wellness market. The stock is 16% below its IPO price, now reflecting a 12x C24 EV/EBITDA multiple vs 24x at its peak in late August. With peers ELF, COTY, and EL trading at an average of 16x, we see room for multiple expansion given ODD’s 20% sales growth & >20% EBITDA margin profile. We are raising our 2024 EBITDA estimate by 1% to $138.5mn to reflect a stronger 3Q. We use a 16x EV/EBITDA on our C24 estimate to arrive at our new $37 PO (versus 24x prior to reflect the lower peer avg)."

For an analyst ratings summary and ratings history on Oddity Tech Ltd click here. For more ratings news on Oddity Tech Ltd click here.

Shares of Oddity Tech Ltd closed at $29.57 yesterday.

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