UPDATE: JMP Securities Starts Rent the Runway Inc (RENT) at Market Outperform

November 22, 2021 2:32 AM EST
Get Alerts RENT Hot Sheet
Price: $1.37 +3.01%

Rating Summary:
    12 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 10 | Down: 28 | New: 30
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(Updated - November 22, 2021 4:18 AM EST)

JMP Securities analyst Andrew Boone initiates coverage on Rent the Runway Inc (NASDAQ: RENT) with a Market Outperform rating and a price target of $21.00.

The analyst comments "With a strong product market fit, we think RTR growth should accelerate as working in person and social events return. With 50% of rental use cases for evening and work attire, we believe as events and return-to-office behaviors continue to normalize, RTR has significant near-term tailwinds. This as RTR, despite its 12-year operating history, is a relatively new business, with subscription launching in 2016 and doubling in F1H19 before fulfillment issues slowed growth in F2H19 and COVID-19 reduced demand in FY2020. Simply put, we believe growth can return to F1H19 levels as typical RTR use triggers (e.g., weddings, holiday parties, and socializing more broadly) resume."

For an analyst ratings summary and ratings history on Rent the Runway Inc click here. For more ratings news on Rent the Runway Inc click here.

Shares of Rent the Runway Inc closed at $16.20 yesterday.

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