Netshoes LTD. (NETS) PT Raised to $22 at Jefferies Following 1Q

Jefferies raised its price target on Netshoes LTD. (NYSE: NETS) to $22.00 (from $19.00) while maintaining a Buy rating. GMV grew +21% Y/Y driven by +21% Y/Y growth in orders. Net sales grew +14% Y/Y to R$396MM, ahead of the Street's estimate of R$384MM.

Jefferies updated the model to reflect 1Q results and latest management commentary. For 2Q, Jefferies models revenue of US$153MM, Adjusted EBITDA of US$0.5MM, and GAAP net loss per share of US$0.77.

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