UPDATE: DA Davidson Starts SPAC Forest Road Acquisition (FRX) at Buy Into Pending Merger with Beachbody
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(Updated - June 15, 2021 5:29 PM EDT)
DA Davidson analyst Linda Bolton Weiser initiates coverage on Forest Road Acquisition (NYSE: FRX) with a Buy rating and a price target of $14.50 as they project top-line CAGR of 30%.
The analyst commented, "We are initiating coverage of Beachbody (BODY), pending the June closure of its merger with SPAC Forest Road (FRX) and Myx Fitness, with a BUY rating and $14.50 PT based on EV-to-sales of 3x 2022E sales of $1.48B. Beachbody provides a holistic health and wellness solution, and aspires to grow revenue at a CAGR of 30% to reach $3.29B in 2025, with EBITDA of >$500M. It has three revenue streams: (1) MYX Connected Fitness, a lower-priced Peloton (PTON) challenger with a projected CAGR of >80%; (2) digital subscriptions with three entry doors (BOD, Openfit, and MYX) and a CAGR of >30%; and (3) a direct selling Nutrition business (CAGR of >15%)."
Shares of Forest Laboratories closed at $10.26 yesterday.
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