PLBY Group, Inc. (PLBY) PT Raised to Street High $35 at Craig-Hallum In Public Return Quarter
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Craig-Hallum analyst Alex Fuhrman raised the price target on PLBY Group, Inc. (NASDAQ: PLBY) to the Street High $35.00 (from $25.00) after the company reported better than expected Q4 results, with revenue of $46M significantly ahead of expectations for $36M and Adjusted EBITDA of $6.5M slightly ahead of the expected $6.2M. Revenue upside came mostly from the direct to consumer channel, with licensing revenue also exceeding expectations.
The analyst reiterated the Buy rating, stating "Among the top levers are emerging markets and the continued growth of the sexual wellness category. The company plans to enter India using a hybrid owned and licensed model, and it appears that the first Playboy-branded products are set to debut in India in October 2021. Given India’s size (essentially tied with China as the world’s most populous country) and demographics (very young), as well as very strong brand awareness, we believe Playboy could eventually be a multi-billion dollar brand (at retail) in the country, as it is in China. On the sexual wellness front, we believe Playboy has a big opportunity to introduce Playboy and Yandy products into its recently acquired Lovers brick and mortar stores, and the recent decision to bring lingerie entirely in house represents another growth lever in a category where the Playboy brand is already a proven winner."
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