UPDATE: KeyBanc Starts Rent the Runway Inc (RENT) at Overweight

November 22, 2021 3:19 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 4:31 AM EST)

KeyBanc analyst Edward Yruma initiates coverage on Rent the Runway Inc (NASDAQ: RENT) with a Overweight rating and a price target of $21.00.

The analyst comments "Rent the Runway’s logistics network, brand relationships, and personalization technology give it a leadership position within the growing apparel rental market. We believe that we are in the early innings of the rental market, driven by consumers’ heretofore paradoxical goals of having something always new to wear and to have more sustainable apparel. Our Key First Look Data points to NT subscriber momentum. New inventory models have lowered capital intensity and will drive a more profitable LT model. At 8.2x 2023E EV/ gross profit, we find valuation compelling and establish a $21 price target."

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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