Farfetch (FTCH) PT Lowered to $42 at Cowen

Cowen analyst Oliver Chen lowered the price target on Farfetch (NYSE: FTCH) to $42.00 (from $50.00) while maintaining an Outperform rating.

The analyst commented, "Missed expectations for 3Q21 EPS and lowered FY21 guidance. We believe FTCH is better positioned vs. peers in terms of its inventory position during the holiday season, and upside to management's 4Q21 GMV guide is possible. However, cost pressure from IDFA and shipping/duty will likely weigh on margins and investments in brand building could take some time to bear fruit."

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