Credit Suisse Starts Rent the Runway Inc (RENT) at Outperform

November 22, 2021 4:06 AM EST
Get Alerts RENT Hot Sheet
Price: $1.36 +2.26%

Rating Summary:
    12 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 10 | Down: 28 | New: 30
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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)."

For an analyst ratings summary and ratings history on Rent the Runway Inc click here. For more ratings news on Rent the Runway Inc click here.

Shares of Rent the Runway Inc closed at $16.20 yesterday.

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