Credit Suisse Starts Rent the Runway Inc (RENT) at Outperform
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Credit Suisse analyst Michael Binetti initiates coverage on Rent the Runway Inc (NASDAQ: RENT) with a Outperform rating and a price target of $20.00.
The analyst comments "Strategy Changes Reposition RENT for More Profitable Growth: RENT recently replaced its costly “Unlimited” monthly subscriptions with fixed-items/month subscription tiers (significantly lowering fulfillment costs per subscriber). Separately, RENT is leaning into consignment inventory sourcing (“Share by RTR”) which lets it bring significantly more product/variety to the site without an upfront cash outlay (which has restricted growth in the past). Both have significantly improved the unit economics of Subscription as revenues pivot back to rapid growth (we forecast +68% YOY in 2H21)."
Shares of Rent the Runway Inc closed at $16.20 yesterday.
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