Revolve Group (RVLV) PT Lowered to $31 at Stifel

Stifel analyst Peter McGoldrick lowered the price target on Revolve Group (NYSE: RVLV) to $31.00 (from $33.00) while maintaining a Buy rating.

The analyst comments "New customer acquisition, broad category demand, and contribution from businesses (such as the Grow-Good JV with Cardi B) are driving a meaningful step up in revenue growth. This year had been underscored as an investment year, and a mix of new expenses not contemplated in prior guidance (such as the Donatella Versace JV) and fuel surcharges tempered the margin flow-through. Now, we estimate 5.5% adj. EBITDA margin in 2026E (vs. prior 6.7%) before expanding in 2027E on 1) 10% revenue growth at 54% gross margin, 2) leverage of +MSD% G&A expense growth, and 3) normalizing marketing expense rate. We view increased topline favorably given track record for retention, though recognize investment cadence is asking investors for patience. We update our estimates (for 2027: +0.3% to revenue, -10.9% to adj. EBITDA) and our $31 target price represents 17.3x EV/EBITDA on our $107mn CY27e adj. EBITDA estimate."

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