MYT Netherlands (MYTE) PT Lowered to $22 at Cowen

Cowen analyst Oliver Chen lowered the price target on MYT Netherlands (NYSE: MYTE) to $22.00 (from $40.00) while maintaining a Outperform rating.

Analyst says: "MYTE raised FY22 GMV, gross profit, and EBITDA margin guidance mainly by the amount of the 2Q22 beat, and 3Q22 is expected to be weaker vs. 4Q22 with delays in spring/summer deliveries. Management expects spring/summer deliveries to be fulfilled by May, and, therefore, it is unlikely that there will be any impact in 1Q23. From a valuation perspective, we note MYTE's current valuation looks inexpensive at CY2 EV/Sales of ~1.4x with a 22-25% medium-term revenue growth profile. We expect multiple expansion over time as we remain constructive on MYTE's growth prospects."

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