Canaccord Genuity Starts PARTS iD (ID) at Buy
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Canaccord Genuity analyst Maria Ripps initiates coverage on PARTS iD (NYSE: ID) with a Buy rating and a price target of $12.00.
The analyst commented, "Over the past two+ decades consumers have come to embrace the simplicity, convenience,
and selection that many eCommerce platforms have built, with certain verticals, such as Electronics and Apparel leading this transition. Automotive aftermarket parts, on the other hand, has lagged this trend and is still largely transacted offline given the complexity of the product landscape and, up until recently, the lack of buyer-friendly digital solutions. PARTS iD has amassed an industry leading selection of products with over 17M SKUs from 5K brands across 8 different verticals (cars, RVs, boats) and 1K+ product lines. This vast product catalog is easily filtered and searched along various dimensions, such as year, make, model, and engine, enabling consumers to find the right parts easily. At the core of
this solution is a custom-built technology platform that enables gathering and utilization of nearly 14B catalog data points, creating one of the most comprehensive product data sets in the industry. This data advantage is supplemented by an inventory-light, capital-efficient business model. Having recently emerged onto the public markets via a SPAC transaction with Legacy Acquisition Corp, we think investors will gradually come to appreciate PARTS iD's strengths relative to other more established eCommerce platforms, and we expect steady top line growth, expanding profitability, and multiple expansion to offer investors an attractive return from current levels."
Shares of PARTS iD closed at $8.24 yesterday.
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