PLBY Group, Inc. (PLBY) PT Lowered to $47 at Canaccord Genuity on Supply Chain Disruptions

November 16, 2021 9:00 AM EST
Get Alerts PLBY Hot Sheet
Price: $9.20 -1.39%

Rating Summary:
    6 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 19 | New: 11
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Canaccord Genuity analyst Austin Moldow lowered the price target on PLBY Group, Inc. (NASDAQ: PLBY) to $47.00 (from $48.00) after the company reported Total Revenue beat consensus by ~1% rising 67% y/y. Adjusted EBITDA offered a margin of 9%, beating consensus by over 20% as DTC revenue grew 139% y/y. Guidance for 2021 was reiterated.

The analyst reiterated a Buy rating, stating "DTC revenue grew 139% y/y, accelerating from 88% growth in Q2 (even excluding the Honey Birdette contribution PLBY would've experienced a slight acceleration to 90% growth)." "We reduce our DTC estimates slightly to account for supply chain disruptions during the holiday season. We lower our price target to $47 (from $48), based on 6.5x (unchanged) our lower 2022 revenue estimate of $342M (from $348M)".



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